Quqas
4 min readFeb 5, 2024

How long will BYD continue to dominate the electric vehicle market with its innovative and resilient approach?

Photo by Michael Förtsch on Unsplash.

  • Surpassing Expectations: BYD Emerges as Top-Selling Car Manufacturer in 2023
  • Navigating Challenges: Price Wars and Geopolitical Tensions in the Automotive Industry
  • Investor Scrutiny: BYD’s Financial Performance Amidst Market Volatility

In 2009, Build Your Dreams BYD (BYDDY) emerged as an unexpected player in the car manufacturing electric vehicle (EV) and PHEV hybrid car market. Initially underestimated for its unconventional designs and technology at its first car release, the BYD company soon became a tough competitor, surprising industry observers with its rapid growth and innovation.

BYD’s journey was going smoothly until the first few days of April 2020, when its market price spiked from 12.01 dollars per share to hit the edge-year price of above 60 dollars per share. Meanwhile, BYD’s journey continued its prominence and culminated in 2023, when the company achieved a significant milestone by becoming the top-selling car manufacturer for the year. With 3,024,417 vehicles sold, of which 1.6 million were EVs, BYD surpassed its competitors, including the renowned American giant Tesla, which sold 1.8 million EVs.

This remarkable achievement solidified BYD’s position as a leader in the automotive industry and underscored its commitment to advancing sustainable transportation solutions. Despite initial skepticism, BYD’s perseverance and focus on keeping its cars at affordable prices to remain on top of the throne without losing quality and innovation propelled it to the forefront of the global automotive market.

BYD has boldly established a partnership in Japan to aggressively expand its sales in South Asia, surpassing the limits of its domestic market. Despite capturing a significant portion of its sales within the Chinese market, which accounts for 90% of its total sales, BYD recognizes the importance of diversifying its revenue streams and penetrating new markets. The partnership in Japan signifies BYD’s commitment to international expansion and underscores its proactive approach to addressing emerging opportunities in South Asia.

Quqas

Financial writer and Financial market analyst