Building on its monumental success in 2023, Chinese electric vehicle (EV) manufacturer BYD anticipates a significant jump in domestic as well as international plug-in car sales for the current year. During its recently-held investor event, BYD revealed that it has projected a growth rate of more than 20 per cent for 2024. With the company’s sales skyrocketing to nearly 3 million units in 2023, marking a staggering 62 per cent surge year-over-year, the anticipated figure for this year hint at a minimum of 3.6 million plug-in cars hitting the roads.

The Chinese automaker’s sales strategy revolves around a balanced portfolio of all-electric cars (BEVs) and plug-in hybrid vehicles (PHEVs), with each accounting for roughly 50 per cent of the company's total sales. This equilibrium is expected to persist in the current year, translating to a minimum of 1.8 million BEVs making their way to consumers worldwide.

Earlier reports hinted at even more ambitious targets, with some suggesting that BYD has set a target to sell 4 million cars in 2024. However, the automaker remains cautiously optimistic amidst these projections.

An essential aspect of BYD's expansion strategy lies in its commitment to strengthen its presence beyond the borders of China. With foreign sales jumping to 242,765 units in 2023, marking a year-over-year growth of 336 per cent, the automaker is targeting a significant milestone of 500,000 units this year. This striving goal dictates a doubling of exports and would uplift the share of exports to approximately 14 per cent of the total sales volume.

Looking ahead, BYD aims for an exponential growth, with foreign sales projected to hit the mark of 1 million as early as 2025. Furthermore, BYD is gearing up for a significant market launch in the year of May 2024. To be more specific, BYD is all set to launch the fifth-generation Dual Mode (DM) plug-in hybrid technology – a cutting-edge innovation that promises to revolutionize fuel economy, boasting an impressive 2.9 liters per 62 miles (100 km) efficiency when driving with a depleted battery.

Wang Chuanfu, chairman and president of BYD, underscores the strategic importance of the fifth-generation DM technology, emphasizing its potential to influence the market landscape for years to come.

Navigating through what Chuanfu describes as a phase of industry evolution, characterized by fierce competition over scale, cost, and technology, Shenzhen, Guangdong-headquartered BYD stands resolute in its commitment to driving innovation and leading the charge towards a greener, more sustainable future.