On March 27th, BYD held its 2023 financial report investor communication meeting. According to the meeting minutes obtained by reporters, Chairman Wang Chuanfu announced that in May of this year, they will launch the fifth generation DMI hybrid technology, with fuel consumption reduced to 2.9 liters per hundred kilometers and a full tank/full charge range of 2000 kilometers.
Wang Chuanfu said that due to the current situation of supply shortage, they will gradually switch to the fifth generation DMI model in May according to market conditions. The popularity of the fifth generation DMI model is expected to continue for 1-2 years.
BYD Chairman Wang Chuanfu believes that the new energy industry has entered an elimination round, and 2024-2026 will be a decisive battle for scale, cost, and technology. The accelerated deployment of new energy products by Chinese automotive companies will erode the market share of joint venture brands. In the next 3-5 years, the market share of joint venture brands will decrease from 40% to 10%, with 30% representing the growth potential for Chinese brands in the future.
In terms of globalization, Wang Chuanfu stated that automotive companies need to choose a strategic path of ‘going global + localization’ in addressing geopolitical issues. In Europe, South America, the Middle East and other regions, BYD and other Chinese automakers need to integrate technology and localization strategies by establishing overseas factories to tap into both domestic and international markets. IT Home noted that Wang Chuanfu also mentioned that BYD’s overseas sales reached 240,000 units last year with a target of 500,000 units this year and 1 million units by 2025, aiming for exponential growth over the next three years.
In late February this year, BYD launched a price war by intensively releasing the Honor Edition models. Wang Chuanfu stated that the main competitors of BYD’s Honor Edition models are traditional fuel vehicles and joint venture brands. It is estimated that sales in March will exceed 300,000 units, with a market share of 16% in the passenger car market and a new energy vehicle market share of 35%. The current Qin PLUS has encountered production capacity bottlenecks, and production capacity will be further increased in April to May. By 2024, it is expected that annual sales will increase by at least 20% compared to 2023.
SEE ALSO: BYD Expands into Greek Automobile Market with the Launch of BYD ATTO3
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