Chinese electric vehicle giant BYD has seen its sales dip this year after years of rapid growth. But chairman Wang Chuanfu told shareholders that the company’s technological lead is just taking a breather before big advancements come.
Key Takeaways
- Sales have slowed because BYD’s technology isn’t as far ahead of competitors anymore.
- The company will ramp up R&D efforts to get back on top with new tech coming soon.
- Beyond China, BYD plans more expansion overseas and improving sales strategies abroad.
BYD has been the leader in NEVs for a while now. But this year’s slowdown is due partly to other companies catching up technologically. Wang said they’re working hard on new tech that will soon be unveiled, but he couldn’t share specifics yet.
In addition to focusing more on overseas markets and improving sales tactics, BYD plans major R&D investments over the next two to three years to regain its edge in technology. They aim to solve current issues like slow charging speeds at low temperatures with new innovations.
BYD’s chairman also addressed some of the company’s past marketing weaknesses that were less necessary during their growth period but need more attention now. He said they’ll be better aligned with customer needs moving forward, helping turn technological strengths into market wins.
Frequently Asked Questions
When will BYD’s new tech be released?
The chairman wouldn’t give a specific date but said major announcements are coming over the next couple of years to help bring sales back up.
How many employees work at BYD?
Beyond just its 120,000 engineers focused on R&D and tech development, BYD has a total workforce of around half a million people across all departments.
The company’s chairman believes that by doubling down on technology and expanding globally, BYD can bounce back from this year’s sales dip. He sees the next few years as crucial for regaining its leadership position in NEVs.
