2023-10-30 16:24:00
A new record. After crossing the symbolic bar of 5 million electric vehicles produced this year, the Chinese manufacturer BYD, for Build your dreams, announces historic quarterly results this followingnoon. Between July and September, the group recorded a net profit of 10.4 billion yuan (1.35 billion euros), its strongest performance for a quarter, up 82% year-on-year according to a press release. of the Hong Kong Stock Exchange. For comparison, the American manufacturer Tesla recorded a net profit of 1.75 billion euros this third quarter.
Results expected by BYD, which expected between 9.55 and 11.55 billion yuan. Over the first nine months of 2023, profit reached 21.4 billion yuan (2.77 billion euros), more than double compared to the same period in 2022. In July 2023, BYD reached fifth place among manufacturers in the world, a feat for a group that only sells electricity. The Chinese group, a specialist in telephone batteries, launched into the automobile industry in 2003.
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Complete integration
And that’s where BDY’s success comes from: expertise in batteries… but for automobiles this time. Several manufacturers, including Tesla, BMW, Mercedes, Audi, Toyota and Ford depend on its know-how. The group’s other great strength lies in the integration of most of the value chain, from mines to assembly. An unprecedented situation, which allowed it to be more agile during the latest automotive crises, particularly in semiconductors.
BYD markets five models in Europe: Atto 3, Seal, Dolphin, Tang and Han. SUVs and sedans that are positioned directly in the premium segment, with prices ranging from 33,990 euros to more than 70,000 euros.
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Expansion projects galore
BYD’s appeal has been accelerated by Chinese government support for electric cars for several years. Moreover, sales of hybrid and electric models have practically doubled in China in 2022 to represent more than a quarter of vehicles sold, according to the Chinese Federation of Individual Car Manufacturers (CPCA).
Now well established in China, the Chinese manufacturer is aiming further. From its five points of sale upon its arrival in France last June, BYD is banking on around twenty points of sale at the end of the year and around a hundred for 2025. To further establish its presence in Europe and the rest of the world, the manufacturer has already announced factory projects. The first outside Asia will be located in Brazil, the largest market in Latin America. Another project is now targeting Europe with one, or even two factories, to serve the European market. The location of this project is expected to be revealed before the end of the year.
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