CNBC – In a move signaling amplified ambition, electric vehicle giant BYD has joined the “Brand Powerhouse Project” spearheaded by China Central Television (CCTV). This partnership solidifies BYD’s commitment to not just domestic dominance but also to becoming a globally recognized automotive powerhouse.
The company has explicitly stated its dedication to leveraging brand leadership, driving high-quality economic growth through technological innovation, and showcasing its prowess as a champion in the global new energy vehicle (NEV) market.
[Image of BYD vehicle]
The announcement follows a trajectory of remarkable achievements. Back in August 2023, the company celebrated a significant milestone, becoming the first in the world to roll out 5 million new energy vehicles. At the celebratory event, BYD Chairman Wang Chuanfu articulated a sentiment resonating with national pride, emphasizing the desire of the 1.4 billion Chinese people to embrace a world-class automotive brand of their own.
Wang pointed to several factors underpinning this ambition: China’s status as the world’s largest automotive market for 14 consecutive years, the country’s mastery of core NEV technologies, and its robust, vertically integrated supply chain.
[Image showcasing BYD technology]
This strategy is clearly paying off. Global sales for BYD reached an impressive 4.2721 million vehicles in 2024 – a figure that cemented its position as the top-selling brand in the Chinese automotive market and maintaining its lead in the global NEV sector. BYD’s footprint extends to over 110 countries and regions, including the UK, France, Italy, Japan, Australia, and Brazil, where it enjoys market leadership in several segments.
Underpinning this global expansion and market dominance is a sustained commitment to research and development. In 2024 alone, BYD poured ¥54.2 billion into R&D, a 36% increase year-over-year, bringing the total R&D investment to over ¥180 billion. This investment has resulted in a formidable “technology pool,” incorporating proprietary innovations like the Blade Battery, DM-i technology, and the E-Platform.
Furthermore, BYD has built a comprehensive brand portoflio, that includes Dynasty, Ocean, Fang Cheng Bao, Denza, and Yangwang, offering a diverse range of vehicles that cater to varied consumer preferences and needs, ranging from entry-level to high-end and from mass market to specialized applications. This diversified approach positions BYD to continue its remarkable growth trajectory in an increasingly competitive global EV landscape.
Original article, Author: Tobias. If you wish to reprint this article, please indicate the source:https://aicnbc.com/1011.html
