BYD, renowned for manufacturing new energy vehicles (NEVs) and power batteries, achieved a historic milestone by becoming the first automaker to produce its 7 millionth NEV. According to a Weibo post, the 7 millionth vehicle is the N7 SUV of Denza, BYD’s premium brand.
BYD’s NEV Journey
Established in 1995 as a battery maker, BYD stepped into the automotive sector in 2003. The Chinese automaker sold its first NEV in 2008. Today, the company has expanded its product lineup and offers a wide range of models.
The automaker achieved a milestone on May 19, 2021, as it rolled out Han EV, the one-millionth NEV, from its production line. It made BYD the first Chinese car manufacturer to achieve this milestone in the NEV segment.
August 9, 2023, was a significant day for BYD as it produced its 5 millionth NEV, also a Denza N7. Furthermore, on November 24, 2023, BYD’s production line reached a landmark by completing the company’s 6 millionth NEV, the Bao 5. Also, the vehicle was the first model of its custom brand, Fang Cheng Bao.
For those unaware, BYD, in the automotive industry, has its primary brand called BYD Auto. Moreover, it has premium sub-brands such as Denza, Fang Cheng Bao, and Yangwang.
BYD’s Objective for the Indian Market
BYD India recently introduced its third product, the BYD Seal EV sedan, in India, priced between Rs 41 lakh and Rs 53 lakh (ex-showroom). Moreover, in CY2023, BYD ranked as the fourth-largest passenger EV manufacturer in India and recorded the highest YoY sales growth. Currently, the company offers three models in India – Atto 3, Seal, and e6.
The Chinese EV manufacturer intends to enhance its presence in the growing electric vehicle market in India. To be specific, it aims to increase its market coverage from 65% to 90% by the end of the year. Moreover, the company plans to strengthen its position in the segment of EVs priced above Rs 30 lakh.
BYD’s Plan for International Market
BYD took a proactive approach to international markets and grew its global reach in 2023. In addition, there was an increase in the sales of overseas new energy passenger cars, with 242,765 units, reflecting a remarkable year-on-year growth of 334.2%. Also, in 2023, BYD became the leading Chinese NEV exporter.
Today, the company has a presence in 70 countries and six continents. Furthermore, this year, BYD is also the official partner of the UEFA European Football Championship 2024. It offers the company a platform to display its NEVs on an international stage.
In the coming years, BYD aims to strengthen and broaden its localization strategies for products, technologies, and brand presence worldwide. Moreover, the ultimate goal of the Chinese automaker is to steer the global automotive industry towards a more sustainable future.
