BYD hits the brakes, but keeps an ace up its sleeve

BYD Seal Obr1

Chinese giant BYD has adjusted its expectations for 2024 and 2025, moderating its initial ambitious goals. While aiming for 4 million NEVs (New Energy Vehicles) this year, it now expects to sell 3.6 million, a 20% increase over 2023.

What drives this change? BYD’s sales in January and February were weaker than expected, prompting the company to adjust its plan. However, growth remains significant, with much credit going to foreign markets.

BYD targets international expansion

In 2023, BYD sold 242,765 vehicles in foreign markets, approximately 8% of the total volume. This year, the company aims to reach 500,000 sales overseas. By 2025, BYD aims to sell 1 million vehicles outside China. Reaching new horizons:

BYD will launch the fifth generation of dual-mode plug-in hybrid technology in May. This new technology promises an average fuel consumption of just 2.9 l/100 km. With a fully charged battery and a full tank, the vehicle’s range would reach 2,000 km according to the Chinese CLTC standard. An electrifying future:

BYD plans to implement the new technology across its range of plug-in hybrid vehicles. However, current production is insufficient to meet demand. BYD is at a crucial moment. Although it has moderated its expectations, the company has ambitious plans for the future. International expansion and technological innovation are key to its success.

Undoubtedly, BYD will remain a significant player in the global automotive industry.

Source: Yahoo Finance

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