BYD: Launch of “Yangwang” and “Fangchengbao” brands

Core NEV technologies developed in-house, production capacity in China raised to 4.8M units

2023/12/28

Table of contents

Summary
Announced “Yangwang” and “Fangchengbao” brands, expanding product lineup
Core technologies: Off-road super PHV platform, four-wheel independent architecture, intelligent vehicle control system, etc.
Vertically integrated production system: Establish core technology and secure supply capacity
Production capacity: BYD's domestic production capacity in China will increase from approximately 3 million units to approximately 4.8 million units
Overseas plants: Plans to build plants in Europe, Brazil, Thailand, etc.
Business status: 2022 sales soared; number of employees up 97.8% y/y
BYD's domestic sales volume in China (ex-factory)

Summary

Yangwang U8 in production
(Source: BYD official website)

In 2023, BYD has expanded its lineup of new energy vehicles (NEVs) with the launch of the off-road “Fangchengbao” sub-brand, following the launch of the luxury “Yangwang” sub-brand.

BYD Auto Co. Ltd. (BYD) is independently developing core technologies in-house for EVs (battery electric vehicles) and PHVs (plug-in hybrid electric vehicles). Following the elongated rectangular Blade battery, BYD developed a CTP (Cell to Pack) battery and then a CTB (Cell To Body) battery, which is integrated with the vehicle body. In addition to the "e-Platform 3.0" for high-performance smart EVs and the "DM-i/DM-p” Hybrid technology platform for PHVs, the company has also announced in-house technologies such as the "Yisifang" four-wheel independent (motor control) drive architecture and the "DiSus" intelligent body control system.

BYD has more than 90,000 R&D personnel, has applied for more than 40,000 patents worldwide, and has been awarded more than 28,000 patent rights (as of July 2023). R&D expenditures in 2022 increased 90.3% year-over-year (y/y) to CNY 20.22 billion. This R&D structure supports the company's rapid advancement in NEV technology.

According to BYD's official announcement, passenger car sales in November 2023 increased 31.1% y/y to 301,000 units, exceeding 300,000 units for the second consecutive month. The cumulative sales volume from January to November reached 2.672 million units, already exceeding the 2022 sales volume (1.869 million units).

Exports of passenger cars totaled 30,629 units in November 2023, an increase of 148.7% compared to the same month y/y. BYD passenger cars are already sold in more than 400 cities in 70 countries and regions, including Japan, Germany, Australia, Brazil, and the UAE. The company is also accelerating the construction of overseas manufacturing sites. Following the construction of a plant in Thailand, it announced that it would build a new plant in Brazil in July 2023.

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