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At the beginning of the Year of the Dragon, BYD, the top scorer in all disciplines, unexpectedly announced the launch of its new "Glory Edition" model, which directly challenged the status of joint-venture fuel cars, triggering an uproar in the automotive world. The move was seen as a challenge to the joint venture fuel car market and aroused people's curiosity about BYD's confidence behind it. What kind of confidence does BYD derive from when it dares to launch such a bold challenge at the beginning of the new year? This has triggered extensive discussions and concerns.
In 2023, BYD recorded an impressive sales performance, selling 3.02 million units for the year, helping the Chinese automaker regain the sales title in the Chinese auto market after 39 years. This feat not only demonstrates BYD's leadership in the field of new energy vehicles, but also highlights its strong competitiveness in the Chinese auto market.
According to the data, one out of every three new energy vehicles sold in China comes from BYD, and one out of every two plug-in hybrids sold is also a BYD product. This data clearly reveals BYD's important position and influence in China's automobile market, contributing significantly to its sales championship.
BYD once again reigns as the world's top seller of new energy vehicles with a staggering sales of 3.02 million units in 2023. This achievement not only reflects BYD's strong strength in the field of new energy vehicles, but also highlights its leading position in the global automotive market.
In the fourth quarter of 2023, BYD's pure electric vehicle sales even surpassed Tesla to reach the top of global electric vehicle sales. At the same time, BYD's total sales also surpassed Suzuki's, ranking ninth on the global automobile sales list, making it the first and only Chinese brand to enter the Top 10 global automobile sales list in the 70 years of the development of China's automobile industry. This feat symbolizes the rise of China's automobile industry on the global stage and its expanding influence.
What is even more remarkable is that BYD has not only achieved sales success, but is also the only automobile company in the Top 10 global automobile companies' sales list that has continued to increase its market share. This further highlights BYD's competitive advantage and potential for sustainable growth in the global automotive market.
There is no doubt that BYD's courage to take the initiative to challenge comes from its proud track record of frequently winning the championship in various market segments, and this confidence is deeply rooted in the brand label of "BYD, the top student in all disciplines". In FY2023, several of BYD's star models have won the sales championship in various market segments, including the popular Yuan PLUS, Song PLUS, Qin family and other mainstream family car models.
This series of good sales results clearly proved BYD's excellent performance in different model segments, providing strong support for its stable leading position in the competitive market.
It is worth mentioning that BYD has not only achieved vigorous development in the Chinese market, but also showed strong growth momentum in overseas markets. According to statistics, in 2023, BYD's annual exports increased by 3,34% year-on-year, making it one of the car companies with the most significant growth among the top ten global brands in export sales in that year.
Behind the outstanding sales, it often reflects the strength of the car company in a number of aspects. Behind BYD's global sales success, its leading technological strength is undoubtedly a major support. At present, BYD has established 11 major research institutes and has more than 90,000 engineers, forming a powerful "technology fish pond". According to statistics, BYD has invested more than 100 billion dollars in R&D and has applied for more than 48,000 patents.
In 2023, BYD successively released a number of disruptive technologies such as E-Square, Cloud Van, DMO, etc., and the number of patent applications exceeded 6,700, with an average of 27 patent applications per working day.2024 At the beginning of the year, BYD once again released a brand-new strategy for the development of new-energy automobile intelligence - Whole-vehicle Intelligence, which further demonstrated its leading position and firm determination in the field of technological innovation.
BYD's previous implementation of the "oil and electricity at the same price" strategy and the current implementation of the "electricity is lower than oil" strategy, highlighting its initiative in product pricing. In addition, BYD's excellent cost control ability brought about by the advantages of its whole industrial chain and the effect of scale is also an important factor that cannot be ignored. With the advantage of vertical integration, BYD's current cost control ability is even ahead of Tesla.
BYD has not only achieved success in product pricing and cost control, but its forward-looking strategic vision is also an important factor behind contributing to the champion sales. BYD has demonstrated its deep insight into future market development by building a multi-brand matrix of Dynasty, Ocean, Tengshi, Yangwang and Equation Leopard. The formation of this series of brands has enabled BYD to quickly achieve full coverage from household to luxury, from mass to personalized, meeting the diversified needs of the market and users.
This forward-looking strategic layout has not only enabled BYD to occupy a leading position in different market segments, but also laid a solid foundation for its future market competition. With its all-round product line and multi-brand matrix, BYD has successfully seized market opportunities and become a leader in the industry.
With the increase in sales, BYD's international reputation is also rising. According to the "2023 Industry List Automotive Top 10", BYD's ranking rose 2 places to the 6th place; in the "2023 World Top 500" list, BYD's ranking rose 224 places to the 212th place; and in the "2023 Global Top 500 Brand Value" list, BYD's ranking rose 147 places to the 199th place. These figures reflect BYD's continuous growth and solid development globally.
In the context of the global sales champion, BYD's brand value has steadily increased, bringing a "king bomb" to the beginning of the year, opening up the era of "electricity is lower than oil", and injecting a strong self-confidence.
With the successive launch of Qin PLUS Glory Edition, Destroyer 05 Glory Edition, Hantang Glory Edition, Dolphin Glory Edition, Song PLUS Glory Edition, Corsair DM-i Glory Edition and Song Pro DM-i Glory Edition, BYD has continued to step up its battle for glory, which will undoubtedly accelerate the role change between domestically produced vehicles and joint venture fuel vehicles. This series of initiatives highlights BYD's leading position and innovative strength in the automotive industry, and will bring new changes and development to the industry.
In addition to launching targeted strategies in the Chinese market, BYD will be the first new energy vehicle brand to take to the field of the Euro 2024 and the first Chinese auto brand to cooperate with the Euro. Today, BYD's new energy vehicles have entered 78 countries and regions around the world, and will continue to broaden its overseas market in the future, contributing to the world's automobile oil-to-electricity conversion and China's automobile going overseas.
This milestone cooperation further highlights BYD's influence and competitive strength in the global automotive market. As a representative of China's automobile manufacturing industry, BYD will make use of the platform of the UEFA Euro Cup, a global event, to strengthen its brand image and recognition in the international market and make positive contributions to the internationalization of China's automobile industry.
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