In the past few years, when it comes to car manufacturers with the most impressive growth in the world, it is impossible to ignore China’s BYD. Starting from a battery manufacturer, BYD has now become the new “big man” of the global electric car village.
In the past year 2022, BYD sales a total of 911,410 electric cars for global customers, an increase of 184% compared to 2021. With this number, BYD has risen to become the second largest seller of electric cars worldwide, after Tesla.
In 2022, Tesla set a new record when selling a total of 1,313,851 electric cars to global customers. However, compared to 2021, the growth rate of Tesla is lower than BYD when it reaches 40%. If this growth momentum is maintained, BYD has the potential to overtake Tesla.
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BYD closely follows Tesla, becoming the second largest seller of electric cars in the world in 2022. |
If plug-in hybrids are included, BYD has accumulated 1,868,543 vehicles over the past year, up 214.7%. Since March last year, BYD has officially abandoned traditional gasoline cars to completely switch to electric cars and plug-in hybrid cars.
“BYD benefits from tightening spending as the Chinese economy slows down,” explained Eric Han, senior director at consulting firm Suolei in Shanghai. “BYD’s popular models are well received by Chinese middle-class customers because they consider them value for money.”
Most of BYD’s models are priced between 100,000 and 200,000 yuan (about $14,490 to $29,000). Therefore, compared to Tesla or compatriots like Nio and Xpeng, BYD’s cars are significantly cheaper.
“Electric cars under 200,000 yuan are increasingly popular with salaried customers because they want to save money,” Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai, told reporters. The South China Morning Post. “In the domestic market, BYD’s electric cars and plug-in hybrids are easy to sell because they are equipped with high-performance batteries that are said to be of the same quality as those used in luxury cars.”
BYD’s sales are even more impressive when in 2022, the Chinese market is strongly affected by the social distancing order to prevent the Covid-19 pandemic. According to the forecast of the China Passenger Car Manufacturers Association, electric cars will grow more slowly in 2023, down to 30% instead of double as in 2022 when the Chinese government’s subsidy policy is gradually reduced. removed.
Founded in 1995 by Chinese billionaire Wang Chuanfu, BYD has been manufacturing cars since 2003. The car company backed by US billionaire Warren Buffett mainly sells cars in the domestic Chinese market. However, BYD is currently looking to become a global brand with plans to expand into overseas markets such as Europe, Japan or Thailand.
BYD’s lithium iron phosphate (LFP) batteries have been proven for quality with customers in China and other auto manufacturers. The batteries in BYD’s Blade battery pack are arranged to both increase energy density and limit overheating. Currently, BYD is supplying batteries to both Tesla factories in Berlin (Germany) and Toyota.
Recently, BYD also launched a new YangWang brand, specializing in luxury electric vehicles. The first two models of the YangWang brand are the U8 luxury SUV and the U9 supercar.