Category: BYD

BYD aims to sell at least 3 million vehicles this year

aims to sell at least 3 million vehicles this year and strive to reach 3.6 million, said Wang Chuanfu, its chairman and president.  |  BYDDY.US | BYD HK

BYD aims to sell at least 3 million vehicles this year and will strive to reach 3.6 million, said Wang Chuanfu, the company's chairman and president.

BYD announced its 2022 annual report on March 28 and held an investor conference on March 29, where Wang revealed the target, according to a report by local media outlet Yicai today.

For the 3.6 million unit sales target BYD is striving to reach, 2.8 million will be in China and 800,000 in overseas markets, the report said, citing an insider at the company.

BYD sold 1,868,543 vehicles in 2022, including 1,863,494 NEVs. The company discontinued production and sales of vehicles powered entirely by internal combustion engines in March 2022.

The company sold 50,021 NEVs overseas from July to December 2022. It first announced overseas NEV sales figures in July 2022.

If it can achieve its sales target of reaching 2.8 million units in China, BYD will surpass the Chinese market record of 2.16 million sales held by FAW-Volkswagen, Yicai's report noted.

If it can reach 3.6 million units in global sales, BYD will be among the top 10 car companies in global auto sales this year.

BYD aims to become the largest automaker in China by the end of this year, Wang said.

BYD's retail sales of 316,417 units in January-February were the highest among all car companies in China, with an 11.8 percent share, according to a list released earlier this month by the China Passenger Car Association (CPCA).

Wang expects China's NEV sales to be 8.5 million to 9 million units in 2023, with penetration rates of up to 40 to 45 percent, and possibly exceeding 50 percent in some months.

This means that sales for all cars will be about 20 million units in China this year, with traditional fuel vehicles selling around 11 million units, a further reduction of about 4 million units from 2022.

In China's first-tier, second-tier and third-tier cities, consumers are already barely considering fuel vehicles when buying cars, Wang said.

BYD has pricing power in the price range of 100,000 yuan ($14,540) to 200,000 yuan, but the company wants to keep things steady, he said.

BYD doesn't want to make it hard for others and make it impossible for others to survive, Wang said.

He believes that ADAS algorithms and high-level assisted driving have been deified by people under the influence of capital, and that the market will slowly return to rationality.

Wang believes that the Chinese car market is highly competitive, while competition in overseas markets is not sufficient, and Chinese automakers will find no or few rivals when they go abroad.

Products that are competitive in China will still be competitive in overseas markets with a 20 percent price increase, he said.

In expanding overseas markets, a good strategy in the short term is to focus on countries without local car brands, rather than the United States, South Korea, Germany, Japan, France and other auto powerhouses, Wang said.

($1= RMB 6.8768)

BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

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Global EV battery market share in Jan-Feb: CATL 33.9%, BYD 18.2%

's share in January-February was the same as in January, while saw its share rise.

CATL and BYD remained the top two players in the global EV battery market in the first two months, with the former's share remaining stable and the latter rising.

In January and February, the total battery consumption of EVs registered in each country was about 75.2 GWh, up 39.0 percent from the previous year, according to data released today by South Korean market research firm SNE Research.

CATL's battery installed base in January-February was 25.5 GWh, up 34 percent from 19.0 GWh in the same period last year.

The Chinese battery giant continues to rank first with a 33.9 percent share, the only global battery maker with a share of more than 30 percent.

CATL's share in January-February was the same as in January, but down 1.2 percentage points from 35.1 percent a year ago.

CATL's batteries are in high demand in passenger cars, including Model 3, Model Y, SAIC's Mulan, ET5 and the Chinese commercial vehicle market, and is expected to maintain its No. 1 position, SNE Research said.

BYD installed 13.7 GWh of power batteries in January-February, up 122.6 percent from 6.1 GWh in the same period last year.

The company ranked second with 18.2 percent market share in the first two months, up from 11.3 percent in the same period last year and up from 17.6 percent in January.

BYD is gaining traction in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including self-supply of batteries and vehicle manufacturing, SNE Research said.

LG Energy Solution saw a 51.9 percent year-on-year increase in power battery installed base of 10.0 GWh in January-February.

The South Korean company ranked third in the world with a 13.3 percent share, up from 12.2 percent a year earlier.

Japan's Panasonic ranked fourth with a 10.4 percent share, South Korea's SK On was fifth with 5.5 percent and Samsung SDI was sixth with 4.9 percent.

China's CALB, Gotion High-tech, Eve Energy and Sunwoda ranked seventh, eighth, ninth and tenth respectively, with shares of 3.4 percent, 2.0 percent, 1.8 percent and 1.4 percent respectively in January-February.

CATL's share in global EV battery market slips in Jan, BYD rises

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BYD to unveil new technology called ‘Yunnian’ on Apr 10

previously hinted that the technology is expected to give the vehicle an emperor's seat-like feel.  |  BYDDY.US | BYD HK

BYD will unveil a new technology next month, the latest following the e⁴ technology it unveiled in early January.

The new energy vehicle (NEV) giant will unveil a system called "Yunnian" (云辇) at an event on April 10 from 19:00 to 20:30 local time at its global headquarters in Shenzhen.

BYD has previously unveiled key technologies including the DM hybrid system, e-Platform, blade battery, CTB technology and e⁴, while "Yunnian" will be the company's latest in-house developed technology achievement, according to an invitation today.

BYD did not provide an introduction to the "Yunnian" system, saying only that it will be a key technology for the intelligent integration of NEVs in the vertical direction.

On January 4, BYD applied for the trademark "Yunnian" in China.

On March 23, BYD said on Weibo that the Yunnian system will be unveiled soon, and hinted that the technology is expected to make the vehicle stable on rough roads.

The Chinese character "辇" is not common and usually refers to the vehicle in which the emperor rode. The Chinese character "云" means cloud.

The technology is expected to make the vehicle feel like an emperor's vehicle, BYD hinted in a poster on March 23.

The technology will be the second major technology announced by BYD so far this year.

On January 3, BYD officially launched the premium Yangwang brand at its Shenzhen headquarters, where it highlighted the technology platform known as e⁴.

e⁴ is China's first mass-produced quad-motor independent drive technology platform, capable of achieving precise control of the vehicle's four-wheel dynamics with its four-motor independent vector control technology, BYD said at the time.

BYD opened the Yangwang brand launch event by having an SUV enter in crabwalk mode to show off this technology.

e⁴ is a power system with quad-motor independent drive as the core, a comprehensive reconstruction of the characteristics of NEVs in terms of perception, decision-making, and execution, overturning the ability system of the previous fuel car power system, BYD said.

(BYD's poster released on March 23 to warm up for the Yunnian system hints at the key features.)

BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

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Denza starts warming up for new SUV N8, releases official exterior images

The Denza N8 will be a mid to large-size SUV that will be available in 5-, 6- and 7-seat versions.

(Image credit: Denza)

's premium new energy vehicle (NEV) brand Denza seems to be preparing to market two new SUVs in parallel.

Denza is already warming up for the new SUV, the Denza N8, as it just started intensive marketing on the Denza N7 earlier this month.

The brand shared several images of the Denza N8 on Weibo today, showing off the model's exterior design.

Denza didn't share anything else, but the information it released earlier this month suggests that the Denza N8 will carry over much of the design of the now-discontinued Denza X.

The Denza X measures 4,890 mm, 1,950 mm, 1,725 mm and has a wheelbase of 2,820 mm.

The Denza N8 will be mid to large-size SUV that will be available in 5-, 6- and 7-seat versions, featuring the Denza family's new π-Motion design language, it said earlier this month.

On March 14, Denza released a video of one of the Denza N8's winter tests, showing a maximum charging power of 175 kW for the model's electric-only version and 90 kW for the plug-in hybrid version.

Denza was established in February 2011 as a 50-50 joint venture between BYD and Daimler, the first Sino-foreign joint venture in China to focus on NEVs. In February 2022, the Daimler brand was rebranded as Mercedes-Benz.

Last year, BYD's stake in Denza increased to 90 percent, and Mercedes-Benz's stake decreased to 10 percent.

In August 2022, Denza launched the D9 MPV, the brand's first model after its rebranding. The Denza D9 began deliveries at the end of October last year.

On March 6, Denza released several exterior images of the Denza N7 on Weibo.

On March 9, the Denza N7 appeared on a regulatory declaration list with a paging showing the car's length, width and height of 4,860 mm, 1,935 mm and 1,602 mm respectively, with a wheelbase of 2,940 mm.

The Denza N7 has inspired a high level of enthusiasm, and with the announcement of Denza's partnership with French high-end audio brand Devialet on March 22, there have been particularly many inquiries from customers every day, said Zhao Changjiang, general manager of Denza's sales division, on Weibo on March 26.

Many customers want to have Denza N7 launched as soon as possible, and according to the inquiry volume data, the model is expected to get 30,000 orders before its launch in the middle of the year, Zhao said.

Denza N7 expected to get over 30,000 orders before mid-year launch, exec says

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BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

Based on January-February retail sales, is already the largest automaker in China with an 11.8 percent share.  |  BYDDY.US | BYD HK

BYD's new energy vehicle (NEV) sales are expected to maintain strong growth in the first quarter, despite the overall weak performance of China's passenger vehicle market.

In January and February, year-on-year growth in Chinese vehicle demand was slightly weaker, but BYD still maintained strong growth, the company's chairman and president, Wang Chuanfu, said at a conference today.

BYD's sales in January and February were much higher than a year ago, and in a few days, March figures will be released, and first-quarter sales are still expected to grow by more than 80 percent from a year ago, Wang said.

BYD yesterday announced its full-year 2022 and four-quarter results, showing a more than 10-fold year-on-year increase in net profit in the fourth quarter. The company held an investor meeting today that was not public, but the main points are being covered by local media.

BYD sold 151,341 and 193,655 NEVs in January and February, respectively, for a two-month total of 344,996 vehicles, up 90 percent year-on-year, according to data monitored by CnEVPost.

The company sold 286,329 vehicles in the first quarter of last year, and the more than 80 percent increase would mean sales of more than 515,400 vehicles in the first quarter, or more than 170,000 vehicles in March.

Wang also mentioned that BYD aims to be the largest automaker in China by the end of this year.

It is worth noting that BYD is already the largest automaker in China based on January-February sales.

BYD's retail sales of 316,417 units in January-February were the highest of all car companies in China, with an 11.8 percent share, according to a list published earlier this month by the China Passenger Car Association (CPCA).

FAW-Volkswagen was second with 221,946 retail sales in January-February, with an 8.3 percent share, and Changan Automobile was third with 209,825 units, or 7.8 percent share.

Wang, referring to the recent price war in China's auto industry, said today that the reason behind this is that supply is outstripping demand and some car companies will be phased out while others will gain greater market share.

China's home appliance and mobile phone industries have been through this, and the NEV industry will be no exception, he said.

If the supply in the auto industry is still greater than the demand, the price war will continue, he said.

The price war has had a certain psychological impact on consumers, but these effects are expected to be reduced by the end of April and market confidence will gradually return as several local auto shows take place in May, according to Wang.

He also mentioned that BYD has no plans to enter the US passenger car market for the time being.

BYD's Q4 net profit up over 10 times year-on-year to $1.06 billion

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BYD’s Q4 net profit up over 10 times year-on-year to $1.06 billion

's net profit for the full year 2022 was up 445.86 percent year-on-year to RMB 16.6 billion.

BYD (OTCMKTS: BYDDY) reported a more than 10-fold year-on-year increase in net profit in the fourth quarter, as its new energy vehicle (NEV) sales grew significantly.

The largest Chinese maker of NEVs reported net income attributable to shareholders of RMB 7.3 billion ($1.06 billion) in the fourth quarter, up 1114.29 percent year-on-year and up 27.89 percent from the third quarter.

BYD's revenue in the fourth quarter was RMB 156.4 billion, up 120.39 percent year-on-year and 33.56 percent from the third quarter, according to its financial report released today.

In the fourth quarter, BYD sold 683,440 NEVs, up 156.74 percent year-on-year and 26.87 percent from the third quarter, according to its previously announced data.

On January 30, BYD said in an earnings preview that it expects full-year 2022 net profit of RMB 16 billion to RMB 17 billion. This means that the company then expected a net profit of RMB 6.7 billion to RMB 7.7 billion for the fourth quarter.

For the full year 2022, BYD's revenue was RMB 424 billion, up 96.20 percent year-on-year, according to its financial report announced today.

Its net profit attributable to shareholders in 2022 was RMB 16.6 billion, up 445.86 percent year-on-year.

The company's basic earnings per share in 2022 will be RMB 5.71, up 438.68 percent year-on-year.

BYD's main business includes NEVs, cell phone components, secondary rechargeable batteries and photovoltaic business, with the automotive business contributing RMB 324.7 billion, or 76.6 percent, of revenue in 2022. The business saw a 151.78 percent year-on-year growth in 2022.

Its cell phone parts, assembly and other products business generated revenues of about RMB 98.8 billion, up 14.3 percent year-on-year, contributing 23.3 percent of total revenue.

($1 = RMB 6.8765)

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