BYD, China’s largest new energy vehicle (NEV) maker, has announced its commitment to enhancing research and development (R&D) efforts to drive technological innovation and productivity. In a recent exchange announcement, the company unveiled a comprehensive action plan aimed at elevating corporate quality and delivering greater returns to shareholders.
The company’s R&D team, comprising over 90,000 engineers, has been instrumental in securing more than 48,000 global patents, with over 30,000 already granted. This robust R&D framework underscores BYD’s dedication to advancing automotive technology, particularly in key areas such as batteries, motors, and electronic controls.
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BYD’s strategic focus includes bolstering its position in the premium market segment, with plans to launch several high-end models in 2024. The company’s efforts in this regard have been bolstered by the rebranding of its joint venture with Daimler, Denza, and a subsequent increase in its stake to 90 percent. The new Denza brand has introduced premium models like the D9, N7, and N8, contributing significantly to BYD’s profitability and brand perception.
In addition to Denza, BYD boasts the premium Fang Cheng Bao brand and the Yangwang brand, targeting the RMB 1 million ($140,000) class market. Sales of these premium models have been robust, with the Denza brand alone recording 9,068 vehicle sales in January.
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BYD’s internationalization strategy has also been gaining momentum, with a presence in over 70 countries and regions. The company has initiated plans for localized production in key markets such as Thailand, Brazil, and Hungary, further solidifying its position as a global leader in the NEV sector.
