The growth of BYD is nothing short of phenomenal. In 2022, the Chinese automaker produced and sold nearly four point three million plug-in and electric vehicles, which marked an astounding forty percent increase from the previous year. But BYD’s goals go beyond that. Ford ambitious Vice President Stella Li confirmed that the company intends to transform into the largest automotive brand in the world.
Last year BYD almost became the biggest seller of eletric vehicles. Most predictions suggest 2025 will be the year BYD accomplishes that goal. Although Toyota still holds a comfortable lead after selling over eleven million vehicles in 2023, the accelerated growth of BYD proves that it is not in the race with the world’s automakers.
BYD’s Expansion and Innovation Globally
As stated by Jato Dynamics, Felipe Munoz by 2023, BYD was already ranked seventh in the world-wide automotive group and fourth amongst individual brands. This achievement stemmed from the innovation and aggressive expansion of BYD outside china, allowing the company to increase sales with their new technologies. As a rapidly growing business, BYD has started producing their own EV batteries, and continuously innovating other aspects of electric vehicles. Recently in China, they revealed their new ultra fast chargers accompanied by a revolutionary 1,000 Volt platform that enables ultra-fasting charging.
BYD Plans to Expand in Europe
European market is very important for BYD as the company is looking to spend a lot of resources to expand. In addition to the Atto 2, BYD will launch the Dolphin Surf which is an European version of the Seagull. This low-cost electric vehicle has the potential to bring in a lot of customers.
To facilitate expansion in Europe, BYD is constructing two factories. The first factory is located in Hungary and is expected to begin production towards the end of 2025. The second factory will be in Turkey that will open during the next year. These factories will help mitigate the cheap tariffs placed on China made electric vehicles. Depending on further sales results, a third factory in Turkey is being planned.
With great revenue growth, new ways to innovate, and expansion strategies, it seems that BYD is going to become the number one car brand in the world.