Korean media: Creates history, BYD enters the global top five for the first time!

On April 15, a report by the South Korean media "Seoul Economic Daily" stated that China's largest electric vehicle enterprise, BYD, ranked fifth in global car sales in the fourth quarter of last year for the first time. Considering that BYD was ranked tenth globally in 2023, this can be described as explosive growth. As an electric vehicle company, its revenue first exceeded $100 billion, surpassing Tesla in performance. BYD is catching up with Hyundai, Kia, and General Motors with overwhelming growth momentum. While BYD, Geely Auto, Chery Auto, and other Chinese auto enterprises are entering the "global top ten," traditional internal combustion engine powerhouses such as Germany and Japan are facing restructuring crises, presenting a starkly opposite trend.

Data from the automotive market research firm Marklines shows that BYD ranked fifth in global new car sales in the fourth quarter last year, marking the first time since the statistics began in 2004 that a Chinese enterprise has entered the "global top five." The sales volume reached 1.52 million units, growing by 61%, setting a quarterly record high. BYD's sales surpassed Stellantis (1.39 million) and Ford (1.18 million), approaching General Motors' 1.74 million. Some forecasts suggest that annual sales last year were 4.27 million, expected to reach 5 million this year.

Notably impressive is its growth rate. BYD's sales and net profit last year were 777.12 billion yuan and 42.054 billion yuan respectively, representing year-on-year increases of 29% and 35%, both records. Last year's sales were approximately $107 billion, marking the first time in the history of electric vehicle companies that it broke through $100 billion. Notably, Tesla's sales last year were $97.69 billion, with BYD's sales surpassing Tesla for the first time.

Investment in R&D is also significant. BYD spent 54.2 billion yuan on R&D last year, growing by 36%. The number of researchers increased by 18.24% in one year, with particularly significant increases in master's degree holders (21.66%) and Ph.D. holders (51.45%). By the end of last year, cumulative patent applications in China reached 46,201, and overseas patent applications totaled 13,490.

Progress in high-tech fields is also rapid. BYD announced that starting this February, all models will be equipped with an advanced driving assistance system called "Celestial Eye." Recently, BYD introduced a "Super e-Platform" capable of charging for 5 minutes to travel 400 kilometers, shocking the market. An expert stated, "One of the biggest obstacles to purchasing an electric vehicle is range anxiety and long charging times. If any electric vehicle company can solve these major issues, it will transform the entire industry."

BYD, leveraging its dominant position in the domestic market and rapid technological development, is accelerating its entry into overseas markets. It has now entered approximately 100 countries and regions worldwide. Last year, overseas sales reached 407,700 units, growing by 72%. One-tenth of its vehicles were sold overseas.

BYD, Geely Auto, Chery Auto, and others are all experiencing rapid growth. In the fourth quarter last year, three Chinese automakers made it into the "global top ten," with Geely Auto ranking eighth and Chery Auto ranking tenth. BYD was the only Chinese automaker to enter the "global top ten" in 2023. The expansion of Chinese automobiles seems to be accelerating, with Geely setting a target of 5 million global sales by 2027.

In contrast, Japanese and European automakers are struggling. Particularly, Nissan Motor Company, due to a series of negative factors such as the failed merger with Honda management, was squeezed out of the "global top ten" for the first time. Nissan's new car sales in the fourth quarter last year fell 4% year-on-year to 840,000 units, ranking 11th, down two positions from 9th place the previous year. Toyota Motor maintained its position as the global leader, salvaging Japan's reputation, but its sales also declined by 2%, reaching 2.92 million. It's not just Japan. Due to the rise of Chinese automobiles, Stellantis and Volkswagen are undergoing large-scale layoffs.

Source: https://www.toutiao.com/article/1829434987723785/

Disclaimer: This article solely represents the views of the author.