BYD: Car sales up 75% to 730k in 2021, in-house NEV development

Announced Blade Battery, DM-i PHV technology, e-Platform 3.0, etc.

2022/03/04

Summary
Company profile: Top selling NEV passenger vehicle brand in China, parts subsidiaries becoming independent
Electrification and intelligence: Announced advanced EV platform, Blade Battery, hybrid systems, and connected systems
Alliances/Overseas trends: Manufacturing EVs with Toyota and Daimler, expanding into the European market starting from Norway
Commercial vehicles: Aggressive development of overseas markets; alliance agreements with Hino and ADL (UK)
New BYD brand assertion of "Science, Technology, Green, Tomorrow", promoting zero emissions, aiming to build a zero-carbon park
BYD's sales volume in China (factory shipments)
LMC Automotive’s Sales Forecast: BYD’s sales in 2025 will be 1.22 million units

Summary

BYD Co., Ltd. (BYD: “Build Your Dreams”), China's leading independent brand of New Energy Vehicles (hereinafter referred to as NEVs), sold 730,000 passenger cars in 2021, an increase of 75.4% over the previous year. NEV sales increased 231.6% year-over-year (y/y) to 594,000 units, accounting for 16.8% of China's NEV sales. This includes a 145.0% increase in BEVs (Battery-powered Electric Vehicles) to 321,000 units and a 467.6% increase in PHVs (PHEVs: Plug-in Hybrid electric Vehicles) to 273,000 units. In particular, BYD models equipped with the independently developed DM-i Plug-in Hybrid technology performed well. According to the China Passenger Car Association (CPCA), BYD's NEV sales in January 2022 topped 93,000 units, surpassing Tesla's 60,000 units.

Overseas, due to the impact of the COVID-19 pandemic, sales of commercial vehicles decreased by 5.6% y/y to 10,000 units. Of these, 6,000 units were buses. The company's commercial vehicles are available in more than 50 countries and regions and 300 cities around the world, and its share of the EV commercial vehicle market in the UK is more than 60%, and in London, more than 80%.

BYD has developed innovative R&D capabilities and a vertically integrated component production system, and is independently developing core components such as batteries, motors, and PCUs (Power Control Units). In 2020, FinDreams Battery Co., Ltd., a subsidiary of BYD's wholly-owned holding company FinDreams Industrial Co., Ltd. (FinDreams), launched the Blade Battery, a lithium-ion phosphate battery that is developed, designed and produced in-house. In addition, in January 2021, the company announced the "DM-i" PHV technology. In terms of partnerships with foreign equity capital, in 2019, the company formed a long-term alliance with Toyota to establish a 50:50 joint venture, BYD Toyota EV Technology Co., Ltd. (BTET) for the joint development of battery electric vehicles (BEVs) and batteries.

In February 2022, the BYD Group unveiled its new logo. The logo is used in the electronics, new energy, rail transportation and automotive industries (mainly commercial vehicles and forklifts). The passenger car segment will continue to use its respective brand logos.