BYD, China’s new energy vehicles manufacturer (NEV), has gained the spotlights with a remarkable achievement this week.
The company, also known as “Build Your Dreams,” has achieved a milestone in the automotive industry. BYD produced its 7 millionth NEV, the Denza N7 model, in Jinan, Shandong Province, on Monday, March 25th, according to Business Wire.
Highlighting rapid growth
The journey to this milestone has been characterized by swift expansion. From reaching the 1 million NEV mark in May 2021, BYD has experienced rapid growth.
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Within 18 months, production tripled, and within just nine additional months, BYD surpassed the 5 million-unit milestone.
Notably, the company’s increase in production to 7 million units within seven months of reaching the 5 million mark reflects its operational efficiency.
International expansion
In 2023, BYD’s cumulative annual sales of NEVs reached 3.02 million units, showcasing its solid position in the market. While some models from BYD’s lineup consistently perform well in sales, assertions of dominance in the global NEV market require careful consideration.
BYD’s expansion into international markets has shown positive outcomes. Last year, overseas new energy passenger cars sales surged 240,000 units, representing a 337% year-on-year increase.
This surge solidified BYD’s status as a major Chinese NEV exporter, with its vehicles reaching 64 countries and regions worldwide.
Investments in manufacturing facilities abroad have facilitated this expansion.
This year, BYD also becomes the official partner with the UEFA European Football Championship 2024™ demonstrating its NEVs on the world stage.
Looking ahead, BYD emphasizes its commitment to enhancing localization strategies for products, technologies, and brand presence in international markets.
However, navigating challenges amid stiff competition and evolving regulations remains a formidable task.
Tesla’s attempts to catch up
Despite Tesla’s early leadership in electric vehicles and efforts to promote global EV adoption, its trailing position behind BYD suggests ongoing efforts to catch up.
The company has implemented several strategic measures to boost sales, particularly in light of increased competition. Tesla (NASDAQ: TSLA) is addressing the pricing issue by significantly reducing prices, especially for older models.
It’s worth noting that China ranks among Tesla’s top markets, and the company has also reduced prices in the region while increasing discounts and other incentives to manage inventory and protect against competition and economic uncertainty.
A global presence in sustainable solutions
Established in 1995 as a rechargeable battery manufacturer, BYD has expanded its portfolio to encompass automobiles, rail transit, new energy, and electronics.
With industrial parks in various countries, BYD persistently pioneers innovations in sustainable solutions.
BYD’s presence in the NEV sector extends across continents, countries, and cities.
Listed on both the Hong Kong and Shenzhen Stock Exchanges, the company remains committed to advancing technology in its quest for a more environmentally friendly future
