According to China Business News, BYD held a 2023 financial report investor communication meeting today. The minutes of the meeting obtained by reporters showed that BYD Chairman Wang Chuanfu said at the meeting that the fifth generation will be launched in May this year. With DMI hybrid technology, the fuel consumption is reduced to 2.9 liters/100 kilometers, and the driving range is 2,000 kilometers on full fuel and full charge.
Wang Chuanfu said that since the current model is in short supply, the fifth-generation DMI model will be gradually switched to the fifth-generation DMI model in May according to market conditions. The product popularity of the fifth-generation DMI model is expected to continue for 1 to 2 years.
BYD Chairman Wang Chuanfu also believes that the new energy industry has entered the knockout round, and 2024~2026 will be a decisive battle in scale, cost and technology. The accelerated launch of new energy products by Chinese automakers will erode the joint venture brand market. In the next 3 to 5 years, the share of joint venture brands will drop from 40% to 10%, of which 30% will be room for future growth of Chinese brands.
In terms of globalization, Wang Chuanfu said that geopolitical issues require car companies to choose the strategic path of “overseas + localization”. In Europe, South America, the Middle East and other places, BYD and other Chinese car companies need to combine technology and localization strategies. Together, we have formed two major markets, domestic and international, by building factories overseas. It is noticed that Wang Chuanfu also said that last year BYD sold 240,000 vehicles overseas, and this year the target is 500,000 vehicles, and 1 million vehicles in 2025, with doubling growth in the next three years.
In late February this year, BYD launched a price war through the intensive launch of Honor Edition models. Wang Chuanfu said that the main competitors of BYD’s Honor Edition models are fuel vehicles and joint venture brands. In March, sales are expected to exceed 300,000 units, with a passenger car market share of 16%. , the new energy vehicle market share is 35%. Currently, Qin PLUS has encountered a production capacity bottleneck, and will further increase production capacity from April to May. In 2024, full-year sales are expected to grow at least 20% above the 2023 base level.
