Rapidly expanding Chinese powerhouse BYD Automotive has just produced its three-millionth ‘new energy vehicle’ (EV or PHEV) as it scales at exponential pace and rolls into new markets across the globe.
It took the Warren Buffett-backed EV and battery supplier 13 years to sell one million NEVs, one year to hit two million, and just six months to hit three million.
In that time it has been pairing up with distributors to launch cars across regions like Europe, Japan, and Australia – where it sells the Atto 3 small electric SUV through a partnership with a company called EVDirect, and plans to add the Seal sedan and Dolphin/EA1 small hatch in 2023.
Indeed, BYD has extended its EV and PHEV footprint to more than 70 countries and regions on six continents, it claims.
The rapidly expanding Chinese powerhouse is also doubling down on its plans to launch more products under more brands.
The company this week gave a little more insight into its latest plans after recent reports that it was soon to launch a luxury spinoff called Yangwang.
This high-end brand targeting the luxury market was discussed overnight by chairman and president Wang Chuanfu, who said Yangwang would bring “disruptive technologies and products” with an upcoming model to launch in the first quarter of 2023 with “unprecedented high performance”.
As already reported, spy photos published by Chinese media reveal the first Yangwang model to be a bluff, upright SUV.
It will also introduce new battery technologies, BYD claims. Unlike most EV-makers, BYD makes its own batteries and supplies them to brands such as Toyota, with a focus on dense lithium iron phosphate packs with lower chances of thermal runaway.
Bigger picture, BYD Auto wants to create a “powerful brand matrix” comprising BYD-branded cars (themselves divided into two sub-sets under groupings called Dynasty and Ocean), premium spinoff Denza, Yangwang, and “another new brand”.
This additional new brand will cryptically specialise in “professional and personalised identities, covering family cars and luxury cars”.
“The brand will harness the co-creation with users and warmly welcome all the franchised dealerships to join BYD for its promotion,” it added, suggesting cars with higher degrees of personalisation.
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