BYD: The "Underdog" and "Front-runner" in the 2024 Auto Market

In 2024, when the global automotive industry landscape was undergoing constant changes, BYD shone brightly like a dazzling star in the vast expanse of the new energy vehicle universe. It was sprinting towards its annual sales target with full force and was expected to surpass traditional automotive giants like Ford and Honda, thus writing a remarkable business legend.

Looking back, since its establishment, BYD had always adhered to its original aspiration and worked painstakingly in the field of new energy vehicles. From the research and innovation of battery technology to the meticulous manufacturing of complete vehicles, it had built its business empire step by step. Its persistent pursuit of technological research and development was like a lighthouse, illuminating the path for the enterprise's progress. In terms of research and development investment, BYD spared no effort and pooled a large amount of human, material, and financial resources. Professional research and development institutions such as the Central Research Institute and the Electronics Technology Research Institute were like repositories of wisdom, giving birth to a series of technologically pioneering achievements with industry-defining significance, including the Blade Battery, DM-i Super Hybrid, e-Platform 3.0, and Easy-going Quad-Motor Technology. These technological achievements were not only the core competitiveness of BYD but also a powerful engine driving the technological transformation of the new energy vehicle industry.

Based on the solid foundation of technological innovation, BYD carefully planned its product layout and built a rich, diverse, and highly competitive product matrix. The Dynasty series and the Ocean series could be regarded as its two "ace troops." The Qin family, with its outstanding cost-performance ratio and excellent performance, had become the top choice for many household users. The Song family stood out in the SUV market with its spacious interior and powerful driving force. The Yuan family was deeply loved by young consumers for its smart appearance and convenient handling. These models continued to sell well in the market. In November 2024, they contributed an astonishing total sales volume of 485,200 vehicles, with a year-on-year growth rate as high as 68.25%, just like the protagonists in a sales feast, making great contributions to the overall sales growth of BYD. Meanwhile, high-end brands such as Denza, FANGCHENGBAO, and Yangwang had emerged like bamboo shoots after a spring rain. With their high-end positioning, cutting-edge technological configurations, and exquisite manufacturing processes, they had successfully entered the luxury car market segment, satisfying the pursuit and aspiration of different consumer groups for high-quality cars and further expanding BYD's market territory and brand influence.

While striving for excellent product quality, BYD also had a deep understanding of the market and successfully achieved effective cost control and reduction by optimizing the supply chain management system. In the fierce market competition, this measure had won a significant price advantage for BYD's products. Most of its main models were concentrated in the price range of 100,000 to 200,000 yuan, which had great market potential. They demonstrated outstanding market adaptability and competitiveness in multiple aspects such as product strength, customer group positioning, and brand marketing. BYD's products could not only provide consumers with a high-quality travel experience but also make them feel that they were getting more than their money's worth, thus winning wide recognition and favor from consumers in the market. Its market share was constantly expanding like a snowball.

In today's surging wave of globalization, BYD had a far-reaching vision and actively laid out its overseas market, embarking on its magnificent journey of internationalization. In the first 11 months of 2024, BYD achieved remarkable overseas sales results, with a year-on-year growth rate of 74%, which was far higher than the growth rate of its overall sales and had become a new engine and highlight for its sales growth. The footprints of its new energy vehicles had spread to more than 400 cities in 96 countries and regions around the world, and its influence in the overseas market was growing day by day. BYD had successfully achieved the organic integration of localized production, sales, and service by setting up passenger vehicle production bases in many overseas locations, adopting a flexible sales model mainly relying on local overseas partners, and establishing a comprehensive and perfect after-sales service network. It provided overseas consumers with a convenient, efficient, and high-quality car purchase and usage experience, thus quickly gaining a firm foothold in the overseas market and achieving rapid sales growth.

In contrast, the market performance of its competitors, Ford and Honda, was somewhat lackluster in 2024. Honda encountered severe challenges in the Chinese market, and its sales volume witnessed a continuous decline. According to relevant data, from January to November 2024, Honda's cumulative terminal vehicle sales volume was only 740,399 vehicles. Compared with previous years, its sales volume had dropped significantly by 30%, and its market share was facing the dilemma of being eroded. Ford's performance in the global market was also not satisfactory. In the first 9 months of 2024, its global delivery volume was 3.3 million vehicles, just slightly higher than BYD's 3.25 million vehicles in the same period. Moreover, in the comparison of sales volume in the third quarter, Ford's sales volume was about 40,000 vehicles less than that of BYD, and its market advantage was gradually fading.

Looking ahead, BYD was advancing towards higher goals with a high-spirited attitude and solid steps. It was expected to achieve its 2024 sales target and surpass Ford and Honda. This would not only be an important milestone in BYD's own development history but also a landmark event in the history of the development of the new energy vehicle industry. It signified that the status of new energy vehicles in the global automotive market landscape was becoming increasingly prominent, and the market share of traditional fuel vehicle giants was gradually being eroded and divided by new energy vehicle enterprises. BYD's success provided a model worthy of reference for global automotive enterprises, inspiring more enterprises to increase their investment and innovation efforts in the field of new energy vehicles and jointly promoting the global automotive industry to accelerate its transformation and upgrading in a green, intelligent, and sustainable direction. In this magnificent wave of automotive industry transformation, BYD was like a giant ship breaking through the waves, leading the new direction of the industry's development and sailing towards a more brilliant future.