Date: March 28, 2024. — BYD has set a sales target for 2024, aiming for a 20% increase from the previous year. The company plans to sell 3.6 million EVs, with a significant focus on expanding its overseas market presence. BYD achieved 500,000 overseas sales and is targeting 1 million by 2025. This growth strategy was highlighted by Chairman Wang Chuanfu, who emphasized the momentum of the EV industry and the importance of new technology in achieving these goals.
The announcement comes at a time when BYD has experienced its slowest quarterly profit growth in two years, amidst a slowdown in EV sales in the world’s largest auto market. Despite this, BYD’s shares in Hong Kong saw a decline of 6.1%, which was more significant than the broader Hang Seng index’s fall of 1.4%.
BYD, which overtook Tesla to become the world’s largest EV seller last year, is also focusing on aggressive expansion into international markets such as Australia. This has raised concerns among competitors who have witnessed BYD’s rapid market share acquisition in China. The company has also been a key player in the ongoing price war against Tesla that started in China last year.
During an investor meeting, Wang Chuanfu predicted that the new energy vehicle industry is entering a “knockout round.” The competition will intensify over scale, cost, and technology from 2024 to 2026. He estimated that the market share of foreign brands in China would drop from 40% to 10% over the next three to five years.
BYD’s sales target and focus on overseas markets come amidst a backdrop of slowing growth in China’s domestic EV market. However, the company’s strategy to diversify its customer base suggests confidence in its ability to navigate these challenges and achieve sustained growth.
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