US CNN Cites BYD's Disclosure
Bright Prospects in Emerging Markets Such as Europe
Musk's Tesla Remains Sluggish
Chinese electric vehicle manufacturer BYD saw its New Energy Vehicle (NEV) sales surge by 60% in the first quarter of this year, according to a report by the US CNN on the 2nd (local time).
According to BYD's disclosure, the company sold over 1 million NEVs including battery electric vehicles (EVs), hybrids, and commercial vehicles from January to March this year. Among these, pure electric vehicle sales reached 416,000 units, a 39% increase compared to the same period last year.
BYD has been maintaining its upward momentum recently. Just last week, the company announced that its annual revenue for last year reached a record high of $107 billion (approximately 157 trillion KRW). In contrast, Tesla's 2024 annual revenue was $97.7 billion, with annual vehicle deliveries declining by 1.1% year-over-year, marking its first downturn.
The majority of BYD's sales were made in the domestic Chinese market, with exports accounting for only 10% of the total. Accordingly, investors and analysts have evaluated that BYD has significant growth potential in emerging markets such as Europe, Southeast Asia, and South America.
Competitor Tesla is expected to focus on the struggling European market. BYD is currently expanding its presence by constructing two production facilities in Europe. Meanwhile, Tesla is experiencing sluggish sales due to backlash against CEO Elon Musk. According to the European Automobile Manufacturers Association, Tesla's sales in Europe in February this year dropped by about 40% compared to the same period last year.
Wang Chuanfu, founder and CEO of BYD, recently stated in an interview with Chinese state media that the company plans to increase total vehicle shipments by about 30% this year and nearly double overseas shipments to over 800,000 units.
BYD introduced a series of innovative technologies in the first quarter of this year. Last month, it unveiled an innovative battery charging technology that can add 250 miles (approximately 402 km) of driving range in just 5 minutes, outperforming Tesla Supercharger's "200 miles in 15 minutes." Additionally, in February, BYD launched an advanced driver-assistance system that can compete with Tesla's "Full Self-Driving (FSD)." This system is offered as a standard option on most models without additional charges.
However, controversy continues over the safety of autonomous driving technology. According to local Chinese media on the 1st, Xiaomi's electric sports car was involved in a highway accident resulting in the deaths of three occupants. Xiaomi stated that its autonomous driving assistance system was active at the time of the accident and pledged full cooperation with the police investigation.
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