BYD

BYD is a car manufacturer located in Shenzhen. BYD is an abbreviation that can be translated as "build your dream." The main products of the company are hybrid engine cars and microlitrage cars.

Car brands

By the end of 2023, the BYD group includes four main automotive brands:

• BYD;
• Denza (until 2024 a joint venture with Mercedes-Benz);
• FCB (with emphasis on off-road qualities);
• YangWang (luxury brand with an average bicycle price of more than $150,000 thousand).

Performance indicators

2023: 61.9% increase in sales of electric vehicles to 3 million units

BYD sold more than 3 million electric-powered vehicles in 2023, up 61.9% from a year earlier. The recorded figure was a record for the Chinese company, which is the largest manufacturer of electric vehicles.

It is specified that in 2023 1.57 million all-electric BYD machines were sold (+ 72.8% by 2022), as well as 1.44 million hybrids (+ 52%).

In December 2023, sales of BYD battery and hybrid electric vehicles totaled 340,178 units, including 190,754 all-electric vehicles.

Chinese concern BYD sold 526,400 electric vehicles in the last quarter of 2023, becoming the leader in this market segment. For the first time, he bypassed the American company Tesla, which sold 484,500 fully electric cars from October to December 2023.

By the end of December 2023, BYD cars are not officially presented on the Russian market, but such electric cars are actively imported by gray dealers. With comparable characteristics, they cost less than Tesla.

BYD's commercial vehicle sales totaled 11,511 units in 2023, up 88.2% from a year ago. This category includes electric buses, trucks and other vehicles. The sale of passenger cars under the brands of the Chinese company on an annualized basis rose by 62.2% and exceeded 3 million units.

Sales of BYD cars abroad in 2023 soared by 334% and reached 242,766 units.^[1]

In addition to electric vehicles, BYD also produces batteries for them.

2022: Sales of 1.86 million electric vehicles and hybrids

At the end of 2022, BYD, the leading Chinese manufacturer of new energy vehicles (NEV; electric cars and hybrids), sold approximately 1.86 million cars. This is more than in the four previous years combined, as stated in the company's message at the end of January 2023.

The manufacturer, registered Hong Kong in and Shenzhen, more than tripled car sales in 2022 from the previous year. The company offers both all-electric models and machines with a hybrid power plant and the ability to connect to the electric network. Sales of Qin and Han sedans, BYD's best-selling models, rose 82.6% and 132.2%, respectively, in 2022, according to the China Passenger Car Association. Unlike, Tesla which sells China electric vehicles in the premium class, BYD battery-powered machines are aimed primarily at middle-income customers. This contributes to an increase in supplies.

BYD Qin Plus electric car

We have maintained a strong growth rate. The company, as a leading manufacturer of new energy vehicles, has overcome various unexpected difficulties and managed to significantly increase supply volumes compared to last year, BYD said in a statement.

The company reports that at the end of 2022 it was able to increase net profit by 458% compared to the previous year - to 17 billion yuan ($2.53 billion at the exchange rate as of February 2, 2023). BYD's revenue at the same time reached approximately 420 billion yuan.

According to Bloomberg, in 2022 the company avoided disruptions in supply chains that damaged its competitors, thanks to its own production of key components for electrified cars, including batteries and semiconductor products. In 2023, BYD's auto sales and revenue are expected to show growth again.^[2]

History

2024

100 thousand electric vehicles light up while driving

In late September 2024, the automaker BYD filed for the recall of nearly 100,000 vehicles due to a manufacturing defect. The reason for the recall was the danger of spontaneous combustion of cars. Read more here

BYD takes full control of Denza car joint venture with Mercedes-Benz

In September 2024, BYD gained full control over a joint venture with Mercedes-Benz in China.

BYD acquired the remaining 10% stake, which it did not yet own, in a company set up to market premium electric car brand Denza.

Berkshire Hathaway cuts share in BYD to 6.9%

in Berkshire Hathaway June 2024, sold 1.3 million shares of BYD, listed in, Hong Kong for 310.5 million Hong Kong (dollars $39.8 million). That reduced the company's stake in BYD's issued H-shares to 6.90% from 7.02%.

Inclusion of shares in Hang Seng index

BYD Electronic International Co. added to Hong Kong's Hang Seng index following its latest quarterly review. Country Garden Services Holdings Co. is excluded from the index.

Thus, the number of participants in the index will remain unchanged - 82, the compiler of the Hang Seng Indexes Co index said on May 17, 2024. The changes take effect on June 11.

Presentation of the Yangwang U9 supercar for $233,000

On February 25, 2024, BYD Co. unveiled its most expensive car Yangwang U9 , an all-electric supercar worth 1.68 million yuan (233,450 dollars) that will compete with gasoline options offered by competitors like and. Ferrari Lamborghini More. here

2023: BYD buys auto chip business from Jabil for $2.2 billion

On August 28, 2023, the Chinese company BYD, the world's largest manufacturer of electric vehicles, announced an agreement to buy an automotive chip business from American Jabil. The transaction amount is approximately $2.2 billion. Read more here.

2022

Return to the Russian market

On September 20, 2022, it became known that the Chinese automaker BYD was returning to the Russian market. At the same time, the company is going to sell only electric cars.

According to Vedomosti, citing its own source, BYD will begin to import cars into the Russian Federation through the Belarusian company SGP in 2023. The latter's general director Artem Lovchev confirmed this information to the newspaper.

Chinese carmaker BYD returns to the Russian market

The newspaper recalls that BYD (from the English Build Your Dreams, "build your dreams") in the late 2000s. the company entered the Russian market with two models - Flyer and F3, but they did not enjoy much popularity. Later, the concern switched to the creation of hybrid, and then all-electric cars.

According to Artem Lovchev, the company has submitted documents to Rosstandart for a Vehicle Type Approval (OTTS) certificate for three models - the Qin Plus sedan, Dolphin hatchback and Song Plus crossover. In 2023, it is planned to certify the premium Han sedan and the Tang crossover in Russia.

At the same time, the interlocutor of the newspaper from among the top managers of one of the Belarusian automakers doubts the statements of SGP. According to him, BYD officially left all projects in Belarus. "We tried to agree with them on production in our country or in Russia, but because of the sanctions related to the special operation in Ukraine, they refused," he said.

The interlocutor believes that the Chinese company is unlikely to accept proposals for cooperation against the background of the geopolitical situation: it is dynamically developing sales in other markets.

At the same time, the latest BYD models themselves look very good and Russians could like them, says Sergei Burgazliev, an independent consultant for the automotive industry. However, the expert notes that Russia is unlikely to be able to provide itself with the charging infrastructure necessary for such machines, and, therefore, one cannot count on large sales volumes.^[3]

Chinese company becomes world's largest electric car maker for first time

On July 3, 2022, it became known that the Chinese company BYD was ahead of Tesla for the first time and became the world's largest manufacturer of electric vehicles. The relevant data is contained in the materials that BYD transferred to the Hong Kong Stock Exchange. Read more here.

Investment in lithium extraction

Warren Buffett-backed carmaker BYD is working in June 2022 on plans to secure a long-term advantage over rivals, seeking to be more directly involved in lithium mining.

In March, BYD agreed to invest up to 3 billion yuan (449 million) dollars in Chengxin Lithium Group Co. In late May, Chinese media reported that the automaker was dramatically accelerating that strategy by striking a deal to buy six mines in, To Africa capable of producing enough lithium for more than 27 million. electric vehicles That could be enough to cover BYD's demand for lithium over the next 10 years.

BYD's purchases in Africa indicate the automaker expects a "long lithium deficit," Daiwa Capital Markets noted.

2021: Discontinuation of models without electric motors

In early April 2022, the largest electric car manufacturer in China, BYD, stopped producing cars with internal combustion engines from February 2022 and now produces only electric and hybrid cars.

According to Reuters, BYD will not completely stop producing gasoline engines, since more compact engines will continue to be used in plug-in hybrid cars. The corporation's move is a response to the Chinese government's pledge to Beijing to increase green energy consumption to reduce carbon dioxide emissions to a minimum by 2030. The company also said in a statement that BYD will continue to provide comprehensive service and supply of parts throughout its lifecycle to existing fuel vehicle customers.

{{quote "In the future, BYD will focus on purely electric and plug-in hybrids in the automotive sector due to the fact that more and more similar cars appear on the roads of Asian countries. Interest in alternative modes of transport is also stimulated by the Chinese authorities, both by subsidies and the creation of appropriate infrastructure, said BYD founder Wang Chuanfu. }} In March 2022, BYD sold 104 thousand units of new energy vehicles (NEV), which is more than 24 thousand units in March 2021, and became the highest monthly sales rate in the history of the company. In March 2022, 53 thousand clean electric vehicles, 50 thousand plug-in hybrid cars and 540 commercial NEVs were sold.

BYD is one of six automakers: Volvo, Ford, General Motors, Mercedes-Benz and Jaguar Land Rover. Company executives have joined the global trend of phasing out combustion engine vehicles by 2040 globally.^[4]

Notes