A bit of BYD history
This tells a bit of the BYD story, focused on BYD Auto and what I see as the main historical points.
“The first target is dominance in its home country. In a press conference today, BYD announced it is seeking to become China's largest automaker by 2015.
By 2025, BYD wants to be the largest automaker in the world. The company claims to have sold 450,000 vehicles in 2009, making it the fourth largest automaker in China.”
- Motortrend, 2 January 2010.
BYD became the brand with largest sales in China in 2023, but to be fair Volkswagen Group was still a bigger automaker. BYD renewed the goal to be biggest manufacturer in China by the year end of 2023. In 2023 BYD was the 9th largest automaker in the world with sales increasing fastest of all groups in the top 10. In 2024 BYD is expanding further.
The earlier story is revealing. Many attributes Chinese EV production to kick off with the Tesla Shanghai production starting in december 2019. In reality BYD had different expansion periods and EV sales expanded fast from 2017 to 2018, almost reaching parity with ICE sales. Then BYD had a bad period during 2019 and 2020, sales where slow.
From 2021 a fast expansion in EV sales followed while phasing out ICE production, and net profits was falling. In 2022 sales exploded and the company made big net profit. BEV share was dominating EV sales a long time, but then in the last years PHEVs got back and expanded rapidly in 2024 with the launch of the DM-i 5.0. BYD history shows a non-linear trajectory, and this contributes to an opening for future surprises.
Backstory
2023
Dolphin won Car of the Year 2024 in Brazil and Autobest car in Europe.
Two new brands started sales with Fang Chen Bao and Yang Wang including new car plattforms and technology.
Deliveries of the companies cheapest BEV model the Seagull.
Started building a charging network in Brazil with speeds up to 210 kw. Also built 44 charging stations in Thailand.
BYD-Olectra received the biggest order yet 5150 electric buses in Maharashtra, India. Expansion of bus manufacturing base in Hyderabad, India.
Launching MC Cube blade battery storage system. Investing in 20 Gwh battery storage production in Shenzhen with 10,000 workers in R&D.
Acquisition of a Chinese insurance company.
2022
In Q1 BYD stopped selling pure fossil cars to become the first automaker to transition to only producing EVs (BEV & PHEV). In the same quarter BYD passed VW Group in BEV sales globally.
Early in the year passes milestone of 70 000 fully electric buses delivered world wide.
Biggest EV producer in the world.
Biggest BEV producer in China.
2021
After a few years of struggling EV sales. In May this year a incredible expansion of EV sales extended into the future and continues into this day (September, 2024). Major technological advancements with:
Launch of new plugin hybrid generation DM-i 4.0. PHEV sales ready for lift off.
Launch of E3.0 BEV platform with the Dolphin.
2020
After a few years of stagnation this year low sales was a turning point.
First deliveries of the blade battery in the Han EV. This is a technological milestone for EV sales blowing up later.
Assembly of battery modules starts in Manaus, Brazil.
2017
Wolfgang Egger became design director.
Production of solar modules begins in Brazil.
Assembly of electric buses starts in Komárom, Hungary.
2015
BYD partnership with Alexander-Dennis in the UK to supply electric chassis for buses.
BYD starts assembly of chassis for electric buses in Campinas, Brazil.
Joint venture Olectra established in India to assemble BYD electric buses.
2013
Is awarded Europe's first electric bus tender in the Netherlands.
Starts assembly of electric buses and batteries in Lancaster, US.
2011
Launches the e6 as a first fully electric car model on sale to consumers.
2010
First K9 fully electric bus manufactured in Changsha, China.
2008
Launches first plugin car model F3DM.
2006
Production of solar modules in China.
2004
Builds first electric concept car.
2002
Buys a car manufacturer.
1995
BYD is started as a battery company.