BYD’s cumulative production of new energy vehicles tops 19 million; overseas sales surge 92%

[Financial News] BYD, China’s largest electric vehicle maker, is stepping up its push into global markets after its cumulative production of new energy vehicles topped 19 million. Overseas sales have surged at least 90% this year, and sales of premium brands have also risen sharply, as the company rapidly shifts its business structure away from its traditional focus on the Chinese domestic market. It is also strengthening its competitive edge in batteries and charging technology through large-scale research and development (R&D) investment.
BYD said on the 11th that it had produced a cumulative 19 million new energy vehicles at its factory in Xi’an, Shanxi Province, China. The vehicle that marked the milestone was the Tai 9, a flagship sport utility vehicle (SUV) from BYD’s premium brand Fangchengbao.
BYD’s growth has been particularly strong in overseas markets. The company sold 3.62 million vehicles in total from January through October this year. Of those, overseas sales of passenger cars and pickup trucks reached 1.5 million, up 92% from the same period a year earlier.
In particular, overseas sales accounted for 41.6% of total sales in the third quarter, up 25.9 percentage points from the same period a year earlier. BYD, which has grown on the strength of China’s domestic market, is rapidly increasing the share of its overseas sales and expanding its competition with global automakers.
BYD is also stepping up its push into the luxury car market. From January through September this year, combined sales of its three premium brands—Fangchengbao, Denza and Yangwang—reached 410,000, up 75% from the same period a year earlier. That was more than 13% of the company’s total sales.
Fangchengbao sold 126,000 vehicles in the third quarter alone, up 32.6% from the previous quarter. It accounted for about 70% of the three premium brands’ combined sales over the same period, leading growth in the luxury car segment.
BYD is also investing heavily in technology development. R&D investment through the third quarter this year reached 36.3 billion yuan (about 7.282 trillion won). Cumulative R&D investment has exceeded 280 billion yuan (about 56.154 trillion won).
In March, BYD unveiled its second-generation Blade Battery and Flash Charging, an ultra-fast charging technology. The number of Flash Charging stations installed in China has surpassed 10,000, and the company is expanding the technology and related infrastructure into overseas markets including the United Kingdom, Italy, Hong Kong, Indonesia and Brazil.
BYD is also accelerating the development of intelligent driving technology. In May, it unveiled the BYD Super Agent and announced a safety liability guarantee policy related to its urban driving assistance features.
BYD plans to expand its global production and sales base through an R&D strategy aimed at developing batteries, hybrid systems and intelligent driving technology in parallel. It aims to strengthen its position in the global new energy vehicle market by expanding overseas sales while developing its premium brands.
[email protected] Kim Dong-ho Reporter