Summary of recent BYD updates (July 2023)

 All the news is taken from CNEVPost. This is the summary of recent developments of BYD. The news is reported in July 2023.

Global Market expansions

BYD has brought its flagship SUV, the Tang EV, to Ecuador, having already debuted three other models in the South American country.

BYD is bringing its electric vehicles (EVs) to more countries as the Chinese new energy vehicle (NEV) maker tries to expand its international presence.

The company launched EVs in Chile, Brunei, and Morocco in the past few days in its latest move in international markets.

BYD has brought the Dolphin to the Australian, Brazilian and Singaporean markets in the past 10 days.

On May 24, BYD Dolphin was launched in Hong Kong. In the past 10 days, BYD has brought the Dolphin to the Australian, Brazilian and Singaporean markets.

BYD’s Profits & Performance

BYD's earnings preview implies that its net profit for the second quarter will be RMB 6.37 billion to RMB 7.57 billion, up 128.56 percent to 171.62 percent year-on-year.

BYD expects its net profit to continue to grow strongly in the second quarter on the back of a sharp increase in sales of new energy vehicles (NEVs).

The company expects its net profit attributable to shareholders in the first half of the year to be RMB 10.5 billion-RMB 11.7 billion ($1.64 billion), up 192.05 percent-225.43 percent year-on-year, according to its earnings preview today.

BYD continued to take the largest share of China's new energy vehicle (NEV) market with a big lead last month, with Tesla (NASDAQ: TSLA) in second place, according to a new ranking.

BYD had retail sales of 231,230 units in June, up 74.4 percent year-on-year, and accounted for 34.7 percent of the NEV market share, according to data released yesterday by the China Passenger Car Association (CPCA).

CATL's battery installed base grew 59.6 percent year-on-year in January-May, while BYD's grew 107.8 percent year-on-year, according to SNE Research.

New Models - Seal DM-i

BYD unveiled the model on the first day of the Shanghai auto show on April 18, with a starting price of RMB 200,000 yuan to 250,000 yuan and an expected launch date in the third quarter. BYD rebranded its hybrid sedan originally called the Chaser 07 as the Seal DM-i, seemingly hoping to capitalize on the latter's better popularity.

BYD's new sub-brand Fang Cheng Bao has unveiled its logo, after announcing the name of its first model 10 days ago. The logo looks like an arrow placed horizontally, according to a poster shared by Fang Cheng Bao on Weibo today.

BYD officially unveiled the Fang Cheng Bao name on June 9, the fifth in its brand matrix after Dynasty, Ocean, Denza and Yangwang.

BYD's new Battery Plant in India

BYD has submitted a proposal for a $1 billion investment to produce electric vehicles (EVs) and batteries in India in partnership with a local company, Reuters said in a report today, citing three people familiar with the matter.

BYD will further expand its presence in Hungary by setting up a plant in Fót, and the new factory will not produce batteries but only assemble them, Szijjarto said at the time.

If BYD sets up a power battery assembly plant in Hungary, it will give a boost to the supply of Tesla's Berlin factory, the report said. As Tesla's Berlin factory begins production of the rear-wheel-drive Model Y equipped with BYD batteries, BYD's power battery business overseas will see high growth, Miao Wei, China's minister of industry and information technology from 2010 to 2020, said in early June at the 2023 World Power Battery Conference.

BYD will invest $620 million in the facility, which will include an electric bus and truck chassis plant, a new energy passenger car plant, and a processing plant specializing in LFP battery materials.

My thoughts

BYD continues to expand their car offerings to more countries as they continue to introduce new models of vehicles. With the expansion of its battery & plants globally, BYD looks poised to strengthen its global branding.

For the coming quarter, BYD looks to get more net profits with the efforts and we can look forward to the earnings to confirm.