On March 27th, BYD talked about their money for 2023 with investors. They said they’ll start selling a new type of hybrid car in May. This car will use very little fuel and can go a long way before needing more fuel or a charge.
Because there’s not enough supplies right now, they’ll slowly start selling the new hybrid car in May. They think a lot of people will want this new car for the next 1 to 2 years.
The head of BYD, Wang Chuanfu, thinks that the competition in the electric car industry is getting harder. He thinks that from 2024 to 2026, it will be really important for companies to be big, cheap, and have good technology. He thinks that Chinese car companies will take over more of the market in the next 3 to 5 years.
Wang Chuanfu also talked about how car companies need to sell their cars in different countries and make them there too. He said BYD and other Chinese car companies should build factories in Europe, South America, and the Middle East. Last year, BYD sold 240,000 cars outside China, and they want to sell 500,000 this year and 1 million by 2025.
In February, BYD started a price war by making their cars cheaper. Wang Chuanfu said their main competition is regular cars that use fuel and cars made by foreign companies. They think they’ll sell more than 300,000 cars this month and have a big part of the market. They think they’ll sell at least 20% more cars in 2024 than they did in 2023.
