At a press conference on November 16, Wang Chuanfu, Chairman and President of Chinese EV firm BYD, said that in addition to its new high-end vehicle brand Yangwang, the company will also launch a professional and personalized brand in 2023, which will be built and created together with BYD customers.
In the future, the carmaker will form a brand matrix of the BYD brand (Dynasty series and Ocean series), Denza, Yangwang and the to-be-disclosed professional brand, covering the spectrum from family-use to luxury and from mass production to customization, meeting users’ multiple and full-scenario car needs.
At the event, BYD also announced that its 3 millionth new energy vehicle had rolled off the production line, becoming the first Chinese brand to reach this milestone. Wang Chuanfu delivered BYD’s 3 millionth EV to Wang Shuang, a Chinese footballer who plays for Racing Louisville FC in the National Women’s Soccer League.
BYD then announced its strategic goal of further developing the global market. Wang Chuanfu said that he will continue to promote the internationalization of BYD’s passenger vehicle manufacturing chain.
Since the beginning of this year, BYD has been accelerating its layout in overseas markets. Not long ago, it unveiled three models, the Yuan Plus (ATTO 3 in international markets), Han EV and Tang EV, at the Paris Auto Show. At the same time, the company signed a cooperation agreement with Sixt, a leading German car rental company, to provide new energy car rental services for the European market. Sixt will purchase at least 100,000 NEVs from BYD in the next six years.
In Asia, BYD has built an overseas passenger car factory in Thailand, which will start operations in 2024 with an annual production capacity of 150,000 vehicles. Models including the Yuan Plus, Dolphin and Seal will be available in Japan in 2023. In the South American market, BYD is cooperating with Saga Group, the largest automobile dealer in Brazil, and its first store has been built in the Brazilian capital to introduce the Tang EV, Han EV, D1 and Song Plus DM-i models to the market.
BYD’s accelerating development is an important symbol of China’s new energy automobile industry. According to public data, from January to October this year, the production and sales of new energy vehicles in China were 5.485 million and 5.28 million respectively, both of which increased by 1.1 times year-on-year, with a market share of 24%.
Ping An Securities predicts that China’s sales volume of new energy vehicles is expected to reach 6.8 million vehicles in 2022, an increase of 93.2% year-on-year, which will exceed market expectations made at the beginning of the year. In 2023, the sales volume of new energy vehicles will continue to grow, and it is predicted that the sales volume that year is expected to reach 9.3 million vehicles, an increase of 36.8% year-on-year.