Korean Media: BYD's Ambition – Even Without the U.S. Market, Surpassing Toyota Is Not Impossible!
On August 15, South Korean media outlet Today Digital published an article stating that BYD's goal is to become an industry leader. Even without entering the U.S. market, it could become the world’s top automaker within five years. BYD believes this target can be achieved through organic growth in overseas markets outside the United States.
Wang Chuanfu, founder of BYD, announced plans to become the world’s largest automaker within the next five years. BYD sold 4.5 million vehicles globally last year. Although this number falls short of Toyota’s global sales of 10.5 million units last year, the company ranked fifth in global sales for the first time ever, surpassing Ford.
Li Ke, Executive Vice President of BYD, said in an interview that the U.S. market is not a necessary condition for achieving this goal. She pointed out that sales can be boosted without acquiring new brands, with advancements in charging technology and expansion into markets beyond China serving as key drivers of growth.
However, without access to the U.S. market, catching up with Toyota will not be easy. The United States is the world’s second-largest automotive market, with annual sales exceeding 15 million units. Last year alone, Toyota sold approximately 2.5 million vehicles in the U.S.
BYD’s growth focus is increasingly shifting toward overseas markets. In China, domestic sales had declined for eight consecutive months before rebounding in June.
BYD is also expanding its customized products tailored for specific markets. The Dolphin G is a compact hatchback designed specifically for the European market. The Shark pickup truck is sold across Central America, South America, Australia, the UK, and other regions.
Original source: toutiao.com/article/1873572719230153/
Disclaimer: This article represents the personal views of the author.