Chapter 696 University of Science and Technology
In November, Tengying Group announced two major events, one of which was the development of the Tengfei AI search engine.
Became a colleague with Baidu.
Another one is the development of Xiaoteng Online, which includes voice intelligent chat, search, Q&A, and a series of basic public service projects.
All of these projects are based on AI algorithms, which also marks that Tengfei AI has entered a new era.
Although profitability is still a long way off, it is clear that it can already serve the general public through existing AI development technology.
On November 4, Chen Pingsheng accompanied Modou No. 1 to visit the Tengfei AI Industrial Technology New Zone, which has invested over 30 billion yuan.
A new technology zone can be directly defined using a brand name.
This shows how influential this brand is. Tengfei AI invests over 40 billion in R&D every year, which is definitely no joke.
The technological content involved is incomparable to those traditional industries in the past.
Anyone who understands AI knows that everything is based on chips, including computing power.
The Tengfei AI model can now completely replace past painting, traditional writing, and intelligent search engines.
The reason why the Tengfei mobile phone has not been released yet is because the integrated Tengfei AI system is not yet perfect.
It may not be launched until late 2025.
However, in addition to developing a series of Internet AI intelligent software, they have also developed a home smart assistant, Xiaoteng Online.
There are also two intelligent robots, one of which is a household hygiene robot.
It is mainly responsible for cleaning, and another model is the Xiaoteng No. 1 to replace the existing assembly line production.
Xiaoteng No. 1 has been under development for more than three years and is expected to be released in the first half of 2025 and officially put into mass production.
Xiaoteng No. 1 was developed entirely based on Tengfei's existing super factory. Even Chen Pingsheng couldn't help but sigh after seeing this robot: the cruelest era for workers is really coming.
Xiaoteng No. 1 will completely replace more than 80% of the ordinary assembly line workers in the super factory, which also means that Tengfei Group will have to lay off at least 10,000 employees in 2025.
Once Xiaoteng No. 1 is fully stabilized and the factory becomes intelligent, it is expected that the Tengfei Super Factory will lay off nearly 100,000 employees before 2027.
Most of the assembly line work will be assigned to intelligent robots.
Such a robot not only has an incredibly high R&D cost.
The production cost of a single Tengfei No. 1 robot is only between 50,000 and 80,000 yuan.
Based on current labor costs, the costs can be recovered in four months of work.
In the later stage, they are all free labor.
This will undoubtedly save the company's production costs to a great extent.
It also means that there is still room for further cost reduction for the development of new energy vehicles.
And this space is still huge.
Even more exaggeratedly, the Longteng S700 may be sold for more than 200,000 yuan in the future, and still make huge profits.
This is a bolt from the blue for all colleagues in the industry.
If he really sells the pure electric model Longteng S700 with solid-state batteries at the 200,000 yuan level, it will be difficult for other models except Tesla to compete with him at this price.
This means that once self-developed technology develops, it will be a huge blow to small businesses, including manufacturing industries with little technological content.
The most important thing is that there are not too many restrictions in this industry.
They won’t be despised by outsiders like Ali selling vegetables or celebrities selling goods through live streaming.
It was even stopped directly by the higher-ups.
Once self-developed technology is developed, its destructive power will definitely be beyond imagination.
There is no doubt that Tengfei AI, including Tengfei batteries, Tengfei new energy vehicles, and the Tengfei AI smartphone, which has invested over 160 billion yuan and is confirmed to be released in the second half of 2025, is already speeding along this path.
According to statistics, Tengfei Group has expanded into batteries, automobiles, AI, mobile phones, etc. in the past five years.
A total of at least 500 billion yuan was spent on research and development.
In the future, at least 120 billion will be spent on research and development every year, which has led to the incredibly powerful Tengfei Group today.
It has been more than eight years since its establishment, and even now, Tengfei Group’s annual consolidated financial report shows huge losses.
It is only because Tengde Times and Tengfei New Energy Vehicle have independent financial accounting that both companies have achieved profitability.
If you add all of them together, we still lose tens of billions every year.
Since Chen Pingsheng has enough shares of Nvidia and Microsoft, he is not in a hurry to make a profit within two or three years.
What he has always wanted is to become a global technology giant.
Eliminating manpower and replacing it with the Tengfei No. 1 intelligent robot is also to enable Tengfei Auto's products to truly gain a global foothold.
Besides, even if he doesn't eliminate it, those big foreign factories will also use technology to eliminate manual labor.
He has invested over 10 billion in R&D centers around the world and currently owns 28 of them.
There are countless super factories.
In the early stages, the advantages may not be obvious and the group's operating costs are huge.
It is different now. With more and more patented technologies being developed, Tengfei Group has completely surpassed the former Tengying Group.
He himself has now become one of the most important figures in the field of science and technology, and all of this has also made An An and Er Pi Ya become the real daughters of the Magic City.
After the visit here, the Magic City No. 1 he was familiar with specially convened a Tengfei Group research conference in Magic City.
Probably they want more people, including more media, to pay attention to this company which has the potential to become a leading technology giant in China in the future.
The current Tengfei Group is not well-known outside.
The main reason is that it has always been very conservative in its publicity direction and has not made use of its subsidiaries, Tencent Film Entertainment and Tencent Media.
Another major reason is that there are too few products.
It’s mainly new energy vehicles.
Although the car sales volume has become the first in the country, compared with mobile phones which are now in everyone’s hands, its popularity has not yet reached the level of universality.
Outsiders don’t know that its technological content has accumulated to such an astonishing level.
The time when Tengfei Group will truly surprise the world will definitely be when it releases the Tengfei AI mobile phone next year.
They are not like those traditional home appliance giants. They have prepared for many years and are confident of success.
It’s not that there is no possibility of failure, it’s just that we should avoid failure as much as possible.
In order to make the game a hit as soon as it was released, they delayed its release for at least a year, and the money spent on it was absolutely astronomical.
With the successful launch of Longteng S700, he gave a total bonus of 3 billion to the Longteng series R&D team.
All of this was taken out of his own pocket. One good thing about being a boss is that he's generous.
As long as the R&D is strong and the team is strong.
The money you can get from him is definitely not comparable to that from other places.
At least he solved the housing problems of all top R&D teams in Shanghai.
In addition, the prizes awarded this time range from a minimum of one million to tens of millions for each person.
After he returned to the group, Tang Jing told him that the plan for the 24th year-end bonus had been released.
Let’s not talk about the traditional sectors, we will still follow the previous standards.
His wife's business also leaves most of the profits to its employees.
This year, the cars and batteries were launched on the market, and it was also the year he made the most money.
If we only count this year's investment income, it would be at least over 60 billion US dollars.
After Chen Pingsheng took a quick look at the year-end bonus plan, he secretly made a big decision.
He decided to take out another 2 billion US dollars to reward the R&D engineers of Tengde Times and Tengfei New Energy.
In addition to the R&D team, the management team will also receive a separate reward of US$500 million.
Only R&D engineers, including top scientists, can truly demonstrate the usefulness of reading.
This kind of job is lower than that of a graduate student, so you are not even qualified to submit a resume.
Giving out 16 billion as a bonus is simply unbelievable to other companies.
This is perfectly normal in Tengfei Group.
His boss doesn't have much technical skills, but he is definitely the one who is most willing to pay.
At least 90% of Tengfei Group’s employees are millionaires.
There are not yet millions of people, and that’s simply because they have only been members for a short time.
The current housing prices are so low that even a city as strong as Shanghai is struggling to recover, let alone those in other cities.
Chen Pingsheng once again took out over 10 billion US dollars and prepared to go to three other super first-tier cities to acquire land and build buildings.
He built the building not to make a profit, but simply to lower the development cost of the house.
Diluting more of the housing price bubble will allow top engineers under Tengfei Group to afford housing in first-tier cities.
If people with such high education and income cannot afford to buy a house, then steel and concrete will become a joke.
He just invested money in advance and there was no loss.
So this kind of money is not included in his household expenses.
By the middle of November, Tengfei Group’s year-end bonuses were released.
It really shocked the entire industry. What a joke! After so many years of supporting new energy in China, I haven't seen many companies make a profit of more than 1.6 billion yuan a year.
As for Tengfei New Energy and Tengde Times, the bonuses that the top boss alone paid out privately exceeded 16 billion yuan.
If we add the several other big bonuses issued this year, the bonus received by the boss of Tengfei Group, Guangda, alone will exceed 20 billion in 2024.
Who doesn’t like a boss like this?
Those who don’t know might wonder how much money Tengfei New Energy Vehicle makes in a year and how high its profit is?
In fact, it’s just that Chen Pingsheng himself earned too much money. The total sales of Tengfei New Energy Vehicles in 2023 will be 2.86 million units.
By 2024, it has reached 3.12 million units.
A good result of first in the country and eighth in the world.
This is also the first time in 70 years that the domestic automobile industry has entered the top ten in global sales.
Such good results will naturally lead to a surge in stock prices.
Sales volume has indeed increased, but the profit segment is still a bit low.
The main reason is the high R&D costs. In the past few years, more than 30 billion has been spent every year.
This is not the total amount of Tengfei, it is only the R&D expenses of the automotive sector.
But even so, the net profit is over 20 billion.
After so many years of losses in new energy vehicles, I finally see some money.
Tengde Times' profit is no less than 14 billion.
He personally earned 8 billion just from the dividends from these two companies.
It's not as much as what he made from stock market investments, but it can last a long time.
More importantly, he has been spending a lot of money to continuously repurchase shares of his own Tengfei Group.
These sectors have the highest income.
I believe it won’t be long before Tengde Times and Tengfei New Energy Vehicle will be able to enter the trillion-yuan market value in China.
Then he would be the boss of two trillion-dollar companies.
In late November, Chen Pingsheng again promoted cashing out 0.5% of Nvidia's shares.
He believes that the market value of over 3 trillion yuan has reached a certain level.
It will be difficult to achieve significant growth in the future.
It is far less reliable to cash out the money now and invest in your own company.
He cashed out another $16 billion. In addition to spending tens of billions of dollars to acquire land in three other super first-tier cities to build high-end talent communities for Tengfei Group, the rest was used to repurchase shares of his own Tengfei Automobile and Tengde Times in the secondary market.
As he moved funds around over the past few years, he made more and more money, even to an incredible level.
After this repurchase, his stake in these two companies will be around 35%.
The money is used to build the building in order to ensure that the R&D talents under the group can enjoy the best housing needs.
This is one of the essential perks of being a tech giant.
In addition, in late November, the Economic Research Department of the Group and Chen Pingsheng himself believed that.
They are now qualified to establish their own top-notch universities.
This is fundamentally different from the Tengying Management College, which has invested over 20 billion yuan.
Chen Pingsheng decided to spend 18 billion US dollars to acquire a piece of land of over 2,500 acres in Jinshan.
We built our own Tengfei Future Science and Technology University.
The main professional technologies included are AI, automotive industry, mobile phone industry, and a series of professional disciplines including the electronics industry.
We will only recruit top talents from all over the society.
Not only will these people have priority access to Tengfei Group after graduation, but more importantly, they can receive monthly study subsidies while they are in school.
The most important thing is that Tengfei Group needs to recruit young talents from all over the society.
To comprehensively improve the group's basic technical architecture and talent model.
This will be of great benefit to Tengfei's future growth into a world-class technology giant.
Many companies are unable to implement this idea even if they have it, because they lack the corresponding funds.
It’s different with Tengfei Group. Chen Pingsheng can easily come up with hundreds of billions of funds on his own.
18 billion US dollars, converted into RMB, is about 120 billion, which is enough to build the best university in the world.
Of course, this kind of university is in terms of hardware and software facilities.
If we want to truly become a world-class university of science and technology, we must accumulate a solid foundation.
Funds alone are not enough, but fortunately we have the support of the entire Tengfei Group.
Sooner or later it will be accomplished.
Moreover, Chen Pingsheng does not need to rely on alumni donations like other universities. He himself is enough to ensure that the university has no less than 10 billion yuan in project research and development funds every year.
We didn’t dare to set up this kind of university before because the conditions were not met.
It’s different now, Tengfei Group has been fully developed.
It also received strong support from the entire Magic City.
He also invested his own money to contribute to the domestic science and technology field in an attempt to impact the global market.
This is fundamentally different from the Internet economy.
No matter how well the Internet economy develops, it is still aimed at the domestic internal circulation.
The Internet is doing well, but the real economy is in decline again.
Only the technology industry has no ceiling, while any other industry requires certain restrictions.
Happy New Year.
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(End of this chapter)
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