BYD: Sales champions are difficult to hide behind the transformation anxiety

In the 2018 China Electric Vehicles 100-Member Forum, Wang Chuanfu, known for his compelling speeches, recently made a notable statement. As the CEO of BYD, he called on the government to provide more support for plug-in hybrid vehicles, including financial subsidies and the removal of consumption taxes. However, Yang Yusheng, an academician from the Chinese Academy of Engineering who also attended the forum, responded by stating that "plug-in hybrids are not considered new energy vehicles." Let's explore this issue with insights from a car electronics editor. Wang Chuanfu’s call for policy support has sparked mixed reactions within the industry. Some view it as a reasonable suggestion from a seasoned player in the new energy sector, while others suspect it may be driven by self-interest, particularly since BYD is one of the major beneficiaries of current subsidies. With the government gradually phasing out these incentives, Wang’s remarks have drawn scrutiny. Is there a deeper reason behind his public appeal? Could it signal that BYD is facing challenges in its transition to a broader market? Despite being a sales leader, BYD is not immune to transformation anxiety. The company has achieved significant success in the new energy vehicle space, with a global market share of 13% and a presence in Europe, the U.S., and Japan. Its electric vehicles have been sold across six continents, and domestically, over 50% of its sales now come from non-subsidized cities. BYD has also secured a 70% market share in high-end new energy models, with over 300,000 units sold annually. However, the competition is intensifying. Traditional automakers like BAIC, Geely, and SAIC are aggressively entering the new energy space, while startups such as NIO and XPeng are gaining traction with innovative products and smart technologies. Even traditional power battery companies are investing heavily, with Zhongtai pouring billions into the sector and Great Wall Motors launching large-scale new energy projects. BYD, which started early in the new energy field, has primarily focused on buses and hybrid passenger cars. Its pure electric vehicle lineup remains limited, and its profitability in this segment is still low. In contrast, companies like SAIC and BAIC have seen rapid growth, outpacing BYD in certain areas. This puts pressure on BYD to maintain its leadership in the market. Additionally, BYD faces growing competition from both domestic and international players, including tech-driven startups and global automakers. With new policies and fierce competition in 2018, the battle for dominance in the new energy sector is heating up, and BYD must adapt quickly to stay ahead.

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