BYD, a Chinese car manufacturer, has experienced exponential growth in sales over the past five years, with its sales increasing almost tenfold. In 2021, the company sold over 4.2 million cars, making it the sixth largest car-making group in the world and the third best-selling brand. Executive vice-president Stella Li has set the ambitious goal of becoming the world’s largest car maker, a feat that seems within reach given BYD’s current trajectory.
The company’s success is backed by impressive numbers, with 120,000 engineers working across 11 research institutes and producing an average of 45 patents per day. BYD’s development time for new models is just 18 months, a timeframe that surpasses traditional car makers. Despite the rapid pace of innovation, BYD maintains a high level of quality, with technicians noting that BYD cars are better built and of higher quality than those of other manufacturers.
BYD is not only focused on mainstream vehicles but also aims to compete in the luxury market. The company has created two export brands, Yangwang and Denza, with Yangwang positioned as a hypercar rivaling Ferrari and Denza as a competitor to Porsche. In China, luxury is now defined by technology, and BYD’s electric hypercar, capable of jumping and dancing, showcases the company’s innovation and market leadership.
While BYD may not yet pose a threat to established luxury brands like Ferrari, its rapid growth and technological advancements indicate that it could become a formidable competitor in the future. With a focus on building trust in mature markets like Europe and expanding its dealer network, BYD is positioning itself for continued success on a global scale.
