这是近两年国内汽车产业投资人逐渐形成的一种共识。在高度竞争的市场环境下，车企已经不再只是“把车卖出去”，而是要在成本与利润之间反复校准生存空间。不能掌握关键零部件制造能力的整车企业，正在被系统性地削弱竞争力。
Automakers that cannot manufacture key components are losing their future.
This has become a common consensus among automotive investors over the past two years. In an increasingly competitive market, selling cars alone is no longer enough—manufacturers must constantly rebalance cost and profit. Those without control over key components are being structurally weakened.
从供应链角度看，车企对零部件的掌控大致分为三种层级。第一层是最传统的采购关系，也是博弈最激烈的一层。车企往往同时面对成百上千家供应商，价格、质量、交付能力反复拉锯，谈得拢就继续合作，谈不拢就迅速出局。
From a supply-chain perspective, automakers generally operate across three levels of control.
The first is pure procurement—the most traditional and competitive model. Automakers negotiate endlessly with hundreds or even thousands of suppliers on price, quality, and delivery. Agreement means continuation; disagreement means replacement.
第二层是合作共治模式。车企不再只是买零件，而是深度参与技术研发，与供应商成立合资公司，共同承担研发和制造风险。理想与电池企业合作、自研品牌电池，就是这一模式的典型体现。
The second level is co-development.
Automakers move beyond purchasing and actively participate in R&D, often forming joint ventures with suppliers. Li Auto’s battery strategy—buying cells while developing its own branded batteries—is a clear example.
第三层，则是最彻底的路径：车企自研、自制关键零部件，直接成为供应链的一部分，甚至反向对外供货。丰田、比亚迪，以及近年来的零跑，都是这一路线的代表。
The third level is full in-house development and manufacturing.
Automakers become part of the supply chain themselves, producing key components and even supplying others. Toyota, BYD, and more recently Leapmotor, are representative players on this path.
在垂直整合这条路上，不同企业选择了截然不同的方式。零跑更接近丰田式的理性主义，强调轻资产运作。能合资就不独资，能租厂房就不买厂房，只在设备和核心技术上投入重资源。
Within vertical integration, strategies diverge sharply.
Leapmotor follows a Toyota-like rationalist approach, favoring light assets. It prioritizes joint ventures, leased facilities, and heavy investment only in equipment and core technology.
公开信息显示，零跑拥有多个核心三电及高附加值零部件工厂，但大多只投设备、不投厂房。这种模式让零跑以更低的资产密度，换取接近头部车企的规模效应。
Public disclosures show that Leapmotor operates numerous core component factories, investing mainly in equipment rather than real estate. This allows it to achieve scale efficiency with significantly lower asset intensity.
比亚迪则是另一种思路，更偏向实用主义。从电池、电机、电控，到车灯、内饰、玻璃，比亚迪几乎构建了一整条完整的汽车产业链。它选择用重资产换取对成本和毛利的绝对控制权。
BYD represents the opposite approach—pragmatic and asset-heavy.
From batteries and motors to lighting and interiors, BYD has built an almost complete automotive industrial chain, trading heavy investment for full control over cost and margins.
垂直整合的优势在销量放大时会被极大释放。数据显示，比亚迪自产电池成本比外采低约20%，推动其毛利率从2021年的17.4%提升至2024年的22.3%，明显高于行业平均水平。
The advantages of vertical integration amplify with scale.
Data shows BYD’s in-house batteries cost roughly 20% less than outsourced ones, helping raise its gross margin from 17.4% in 2021 to 22.3% in 2024—well above the industry average.
相比之下，零跑完成的是从“无毛利”到“正常毛利”的跃迁。其毛利率在2019年曾接近-96%，但到2025年上半年已提升至14%以上，接近行业健康区间。
Leapmotor, by contrast, has achieved a transition from negative margins to normal profitability.
Its gross margin once fell to nearly -96% in 2019, but by the first half of 2025 had risen to over 14%, approaching a healthy industry range.
无论重资产还是轻资产，真正决定胜负的核心变量只有一个——规模与通用化。汽车工业早已验证：单一车型累计产量每翻一倍，单位成本就有约15%的下降空间。
Regardless of asset strategy, the decisive factors remain scale and standardization.
Automotive history consistently shows that doubling cumulative production of a model can reduce unit cost by around 15%.
零跑通过平台化设计，将零部件通用率提升至80%以上；比亚迪更进一步，整车系统通用率超过90%。这是自研零部件体系得以成立的前提条件。
Leapmotor has raised component reuse rates above 80% through platform design, while BYD exceeds 90% at the vehicle-system level. Such standardization is the foundation of in-house component strategies.
更值得关注的是，越来越多车企开始“兼职做供应商”。通过对外提供零部件、平台或技术服务，车企正在构建第二条增长曲线。
More notably, automakers are increasingly acting as suppliers themselves.
By offering components, platforms, or technology externally, they are building secondary growth curves.
从比亚迪的电池外供，到小鹏的软件授权，再到零跑输出三电系统和整车架构，表面看是卖车，本质上是在卖工业能力。
From BYD’s battery supply to XPeng’s software licensing and Leapmotor’s integrated powertrain platforms, these companies are not just selling cars—they are selling industrial capability.
在激烈竞争的市场中，垂直整合并非一种选择，而是一种被迫进化的结果。唯一的问题只剩下：谁能把失败概率，压到足够低。
In today’s fierce competition, vertical integration is no longer optional—it is an evolutionary necessity.
The only remaining question is who can reduce the probability of failure to the lowest possible level.
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