The popularity of electric vehicles is increasing day by day. One of the main reasons for this is the decreasing costs due to advancing technology. Compared to traditional cars with internal combustion engines, EVs offer numerous advantages, which makes them increasingly attractive as their prices become more competitive. This situation creates a great opportunity for companies operating in the sector or considering entering the market. BYD, which has long known how to take advantage of these opportunities, recently announced its 2023 targets. According to Li Yunfei, General Manager of BYD, the company will sell 3 million cars this year. Here are the details…
BYD Li Yunfei: BYD Will Sell 3 Million Electric Vehicle This Year
BYD’s General Manager of Brand and Public Relations, Li Yunfei, recently shared that the company showcased its new brands (models), including Dynasty, Ocean, Tengshi, and Yingwang, at the Shanghai Auto Show. Yunfei also announced that BYD aims to sell 3 million vehicles in domestic and international markets in 2023.
Over the past decade, BYD has invested heavily in research and development, employing 70,000 R&D staff and filing over 40,000 patents. Since stopping traditional vehicle production in March 2022, BYD has introduced new technologies such as battery-vehicle body integration and more efficient hybrid systems. To cater to different customer needs, the company has also adopted a multi-brand strategy.
The BYD brand targets vehicles priced under 300,000 Yuan (40-45 thousand dollars), Tengshi focuses on the 400,000 to 600,000 Yuan (55-90 thousand dollars) luxury car market, the F brand aims for the 600,000 to 800,000 Yuan (90-120 thousand dollars) personalized market, and Yingwang targets the high-end market between 800,000 and 1,500,000 Yuan (120-220 thousand dollars).
Yingwang deliveries are set to begin by the end of the third quarter. The F brand’s name and logo will be unveiled between May and June, and the first model under this brand will be showcased at the Chengdu Auto Show, with sales expected to start in the fourth quarter. Time will tell if all these efforts will make the company even more successful or not.
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