What is the gold content of BYD's "sales crown"?

BYD's running acceleration in 2023 is impressive.

On January 1, BYD announced that in December 2023, the sales volume of new energy vehicles will be 341,000 units, a year-on-year increase of 45%, and the cumulative sales of new energy vehicles in 2023 will be 3,024,400 units, a year-on-year increase of 62.3%, exceeding the annual sales target of 3 million units set at the beginning of last year, and continuing to be the "sales champion".

In terms of brands, BYD Dynasty and Haiyang sold 321,570 units in December, up 40.7% y/y, DENZA sold 11,929 units in December, up 98.8% y/y, Yangwang sold 1,593 units in December, up 290.4% m/m, Formula Leopard sold 5,086 units in December, up 712.5% m/m, and 36,095 passenger cars sold in December, up 218.9% m/m.

It is understood that BYD's new energy vehicle sales from the first to the 1 million, it took 13 years, from 1 million to 2 million, in 1 year, from 2 million to 3 million, in only half a year. If BYD can maintain this growth rate in 2024, its annual sales are expected to reach 5 million units.

01

How is the "pinning crown" made?

It is worth noting that this is the first time that China's own brand car companies have regained the first place in sales after the joint venture car company has occupied the top position in the Chinese market for 39 consecutive years, and BYD's victory is of great significance.

From a global perspective, in the first half of 2023, BYD became the first Chinese brand to enter the top 10 in world sales in the 70 years of the development of China's automobile industry, and officially surpassed Suzuki Group to rank ninth in global sales at the end of the year, which also marks that Chinese brands are rewriting the pattern of the global automotive industry.

BYD's answer is: 740,000 units in 2021, an increase of 73.3%, 1.86 million units in 2022, an increase of 152.5%, and 3.02 million units in 2023, an increase of 61.9%, becoming a car company in China and even the world that still maintains rapid growth under the current situation of the stock market.

Behind the soaring performance, in addition to the consistent strong technical advantages, the remarkable results of multiple brands and the "soaring" of passenger cars going overseas have made people see BYD's strong development potential.

DENZA N7

In terms of multi-brand matrix, in 2023, the average monthly sales of BYD Han will be nearly 20,000 units, and the average monthly sales of BYD Tang will exceed 10,000 units. The cumulative sales of the Han and Tang flagships exceeded one million, setting a new benchmark in the mainstream mid-to-high-end market, the luxury brand DENZA has developed rapidly, with the DENZA D9 winning the 2023 MPV sales championship in the Chinese market, and the Leopard 5, the first model of the personalized off-road brand Formula Leopard, sold 5,086 units in its first full delivery month, occupying a place in the Chinese brand hardcore off-road vehicle market.

Look up at the U8

What's more worth mentioning is that the first model of the million-dollar Yangwang brand, the Yangwang U8, achieved sales of 1,593 units in its first complete delivery month, which not only refreshed the monthly sales record of million-level cars of its own brand, but also officially entered the top ten million-level car sales monopolized by overseas auto brands for a long time.

From the perspective of BYD's product strategy, BYD's more comprehensive new energy product structure can meet the different needs of users to a greater extent. In terms of marketing tactics, with the brand matrix layout of Dynasty Network, Ocean Network, Denza, Equation Leopard and Yangwang, BYD's brand coverage from luxury to popularization and then to personalized different consumer needs has been realized, forming a comprehensive development trend of multi-line simultaneous development, laying a solid foundation for BYD's continuous growth in the market.

2023 is also known as the year when Chinese automobiles "go overseas" will accelerate in an all-round way. As more and more models are sold to foreign markets, going overseas has become an important growth pole for BYD's sales. In terms of overseas sales, BYD exported more than 240,000 units in 2023, a year-on-year increase of 334%.

The annual sales of 3 million vehicles is not only the highlight moment of BYD, but also a historic turning point for the entire Chinese new energy vehicles to occupy the global new energy vehicle strategic highland.

02

Strong technical foundation to build the foundation for the throne of "pin crown".

A few years ago, China's own brand cars have not really been able to get rid of joint ventures, foreign-funded products to chase and block, although the sales of new energy models have achieved certain results, but more in the "price for volume" embarrassing situation. Today's Chinese self-owned brand cars have begun to achieve a more comprehensive corner overtaking in the field of new energy, in addition to strictly following the advantages of cost performance, more use of a new advantage - product power.

Product power means self-confidence, but also means that China's own brand cars have the confidence to really affect the choice of users, which is the fundamental reason why users can still be recognized in addition to brand premium and "patriotic feelings", and it is also the main driving force for rapid sales growth. Iron must be hard, with products to win the favor of users, far more than fancy marketing propaganda to capture the hearts of the people, and BYD is a representative of these growing Chinese independent brand cars to catch up with the upward.

DM-i super hybrid system

From the history of developing plug-in hybrid and pure electric new energy vehicles more than ten years ago, to the technical wave of DM-i super hybrid, blade battery, CTB battery body integration, e-platform 3.0, Yi Sifang, Yun Yuan and DMO hybrid system, over the years, BYD's technology on products has been verified by the market, and the core technology and key core components and chips of the three electric vehicles can be self-developed, so BYD has become a unique existence.

Yunlin-P

Among them, the industry's first and full-stack self-developed new energy-exclusive Yunlin intelligent body control system fills the technical gap in this field in China, and brings a change in the vehicle architecture for the electrification and intelligent development of automobiles. It not only achieves a breakthrough of "from 0 to 1" in the vertical direction control of the body of Chinese auto brands, but also continues to empower the development of BYD's products in high-end luxury.

Yi Sifang Motor

BYD's self-developed Yi Sifang technology platform is another major technical highlight. This power system with four-motor independent drive as the core can realize the functions of extreme stability, emergency floating, in-situ U-turn and agile steering, bringing the ultimate safety, performance and experience.

The full set of core technology blessings fully empowers the brand's product power upgrade, and also provides a critical time window for the explosive growth of sales. Today's BYD has established a clear strategic direction, coupled with the improvement of brand power, sales growth is logical.

With deep technology accumulation and clear development strategy deployment, this series of plans not only makes BYD's products more reliable, but also gives BYD the strength to develop products according to the different environments, market conditions and consumer behavior habits of overseas markets, so as to better meet the needs of local markets, regulations and consumers, so as to bring enough confidence to BYD Auto to "ride the wind and go to sea".

03

Why BYD's championship road can go more stable and longer

Judging from the ranking of new energy vehicle sales in 2023, BYD and Tesla, which are closely behind, are undoubtedly the two most dazzling brands. After a detailed analysis of BYD and Tesla's sales data and sales structure, it is not difficult to see that in 2023, Tesla will produce a total of about 1.85 million electric vehicles and deliver about 1.81 million electric vehicles worldwide, a year-on-year increase of about 35% and 38% respectively. Compared with BYD, although the total sales volume of Tesla Super is not as good as BYD's new energy sales, in terms of pure electric models, Tesla's delivery of 1.8 million units is indeed unparalleled among all brands.

However, from the overall sales structure, BYD is more comprehensive. Although there is still a gap between the annual sales of pure electric vehicles and Tesla, the sales of more than 3 million units cover a more comprehensive range of new energy vehicles, including pure electric and hybrid vehicles. Therefore, from this point of view, BYD, the global new energy sales champion, has performed more comprehensively.

In addition, it should be noted that Tesla's success in pure electric vehicle sales in 2023 has a strong causal relationship with its sharp price reduction at the beginning of the year. I have to admit that Tesla's ability to take the lead in cutting prices sharply is inseparable from its strong cost control ability, but if it does not reduce prices, what will Tesla's performance be in the domestic new energy vehicle market? Although Tesla has a strong brand power, its too single product line and lack of competitive prices will not allow it to harvest the market without pressure in the Chinese market.

In addition to price cuts, it is also unknown whether Tesla will be able to continue to grow in 2024 without the impetus of new models. On the other hand, BYD's product structure is more comprehensive, and the future development space will be greater. It is believed that BYD's annual sales of more than 3 million in 2023 are just the beginning, and BYD's road to sales championship will also be able to go more stable and longer in the future.

In the difficult year of 2023, BYD can still hand over a report card of "sales champion". Judging from the gold content behind this report card, BYD has surpassed all its competitors with its unique model, which is enough to make all Chinese brands on the same track look up to it. At the same time, with the opening of the prelude to the decisive battle of Chinese brands overseas, the new energy revolution has also entered a critical period of "counteroffensive", and the BYD model with strong momentum may be able to give some reference to the developing Chinese brands.

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