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CIW / Transportation / BYD Triumphs in 2023

BYD Triumphs in 2023

March 11, 2024 By CIW Team

With a strategic rollout of its “Glory Edition” models post-Chinese New Year, BYD adopts a “lower price, no lower specs” approach, rejuvenating its mainline models and sparking a price reduction trend in the auto market.

In 2023, BYD showcased its remarkable performance, selling 3.02 million vehicles and securing the top spot in the Chinese market. Notably, its exports surged by 334% year-over-year, making it the fastest-growing car manufacturer among the top ten global brands.

This achievement signifies that one in every five new energy vehicles (NEVs) sold globally and one in three hybrids worldwide is a BYD. Within China, BYD claims one in three NEV sales and one in two plug-in hybrid sales.

This victory marks the end of a 39-year dominance by joint venture brands in the Chinese market, a monumental shift for local manufacturers. BYD stands out as the first and only Chinese brand to enter the global top ten auto sales list, with a continuously growing market share among these elite ranks.

BYD’s strategy of “lower price, no lower specs” is backed by its entry into the global top ten in sales, a testament to its leadership in the NEV sector.

BYD has sold over 3.2 million plug-in hybrid models to date, and in the fourth quarter of 2023, its pure electric vehicle (EV) sales surpassed Tesla, claiming the title of global leader in EV sales.

Several BYD models have dominated their respective segments: the Seagull leads in the A00 category, while the Yuan PLUS and Song PLUS are champions in the A-level pure electric and SUV categories, respectively.

The Qin family tops sedan sales, and the Tang DM9 is the leader in the MPV segment, securing BYD’s position as a “top scholar” across various markets.

BYD’s sales achievements are underpinned by its multifaceted strength.

In 2023, the company unveiled groundbreaking technologies like Yi Si Fang, Yun Nian, and DMO, and in early 2024, it announced a new strategy for the intelligent development of NEVs.

Backed by 11 research institutes, over 90,000 engineers, and cumulative R&D investments exceeding 100 billion, BYD’s innovations are well-supported.

BYD’s control over product pricing and its comprehensive industry chain integration, coupled with the benefits of scale, have enhanced its cost-control capabilities.

This strategic advantage not only secured BYD’s leading position in China’s auto market in 2023 but also allowed it to launch an array of “Glory Edition” models in 2024, challenging joint venture fuel vehicles in a significant battle.

Filed Under: Transportation Tagged With: automobile, BYD

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