BYD wants to sell 4.2 million cars this year, with a growth of 40%
BYD wants to sell 4.2 million cars this year, with a growth of 40%
The Chinese firm BYD sold three million devices in the previous year. This year, they have suggested increasing the amount noticeably to surpass 4 million units.
BYD intends to reach registrations ranging from 4 to 4.2 million units by expanding the variety of electric and plug-in hybrid cars it offers, initiating renewals, and lowering pricing.
This will be a 40% increase over the previous year, with plug-in hybrids predicted to reach 2.2 million units and battery electric cars expected to reach 2 million units.
If it succeeds in achieving its goals, BYD will be well on its way to unseat Tesla as the biggest producer of electric vehicles worldwide. A number that will rely on Tesla, which sold 1.8 million cars in 2017 and hopes to sell more than 2 million this year.
Consequently, there may be a photo finish in the competition for the symbolic title of the most excellent maker of electric cars.
It’s evident that these two companies are dominating the electric vehicle industry; in the previous year, BYD sold 17.1% of cars worldwide, while Tesla took home 19.9% of the total. They have been responsible for 37% of all-electric vehicles registered worldwide.
BYD’s plan
To accomplish this aggressive expansion goal, BYD plans to introduce several models globally, including the Seagull, which will be marketed as Dolphin Mini in the West. A little electric vehicle that will compete in the volume categories and make its way to Europe in the second half.
Lower prices will also be significant. BYD intends to reduce battery prices by 10% in the first half and an additional 10% in the second. This is a highly forceful action that will enable their automobile rates to be changed to make them more competitive.
The main driver of BYD’s development will be sales outside of China. The company is relying on production outside of China and expanding the flow of exported units to diversify risks and speed up delivery times.
Building plants in Hungary, Brazil, and Thailand is what BYD is now working on, in addition to the Uzbek factory that it has been building since last January.
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