BYD’s ‘Three Electric’ System Installation Volume Surges: Significant Increase in Adoption

Recently, according to NE Times’ statistics based on new energy passenger vehicle terminal data, the installation volume of “three-electric” systems in new energy passenger vehicles has grown rapidly in the first half of 2023. FinDreams Battery, a subsidiary of BYD, ranks first in multiple lists.

The ‘three-electric’ system – battery, motor, and electric drive – constitutes the most crucial part of an electric vehicle, with its cost accounting for 70% of the total cost of a new energy vehicle.

In terms of batteries, the installed capacity of power batteries in the new energy passenger vehicle market from January to June 2023 reached 132.84 GWh, a year-on-year increase of 45.87%. Among them, CATL (宁德时代) still holds the first position with a market share of 43.7%, while FinDreams Battery (弗迪电池) ranks second with a market share of 31.8%.

The installed capacity of PACK and BMS in the new energy passenger vehicle market reached 2.9149 million sets, with a year-on-year growth of 39.43%. FinDreams Battery ranked first in PACK installed capacity with a market share of 38.1%, followed by CATL (Contemporary Amperex Technology Co., Ltd.) and Tesla with shares of 17.6% and 10.1% respectively. In terms of BMS installed capacity rankings for the first half of the year, FinDreams Battery, CATL, and Tesla maintained their top three positions. FinDreams Battery held a market share of 38%, while CATL and Tesla had market shares of 13.5% and 10.1% respectively.

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In terms of motors and drives, Fudi Power ranks first with a high market share. In the ranking of installed capacity for electric drive systems, Fudi Power is ranked first with an installed capacity of 621,000 sets, accounting for 29.1% of the market share. Tesla and United Electronics rank second and third respectively. In the ranking of installed capacity for driving motors, Fudi Power holds the top position with a market share of 35.4%. In terms of electronic control, Fudi Power ranks first with a market share of 35.5%.

It is worth noting that in the above rankings, FinDreams Battery and FinDreams Power both have astonishing growth rates, with a year-on-year increase of around 90%.

FinDreams Battery and FinDreams Power were established in 2019, both belonging to BYD’s ‘FinDreams Series’. BYD has vertically integrated its business into five ‘FinDreams Series companies, covering the research, development, and manufacturing of core components for automobiles – batteries, electric drive systems, automotive electronics, body, and chassis, as well as interior and exterior decorations. The FinDreams Series not only provides components supply to BYD but also serves as a supplier to external parties. News about the independent IPO of FinDreams Battery had already circulated two years ago but no further progress has been announced since then.

In February 2022, BYD and FAW jointly established FAW-Fudi New Energy Technology Co., Ltd., with respective shareholdings of 51% and 49%. Recently, the first battery pack of FAW-Fudi officially rolled off the production line and will be mass-produced in September. It is understood that FAW-Fudi’s power battery project has a total investment of 18.8 billion US dollars, with a total capacity of 45 GWh. Once completed, it will meet the configuration needs for 600,000 electric vehicles annually.