On March 27th, it was reported by the media that BYD held its 2023 financial report investor communication meeting today. During the meeting, BYD's Chairman Wang Chuanfu stated that the market share of joint venture brands will decrease from 40% to 10% in the next 3-5 years.
Wang Chuanfu also believes that the new energy industry has entered a survival competition phase, and from 2024 to 2026, there will be decisive battles in terms of scale, cost, and technology. Chinese car manufacturers are accelerating the deployment of new energy products, which will erode the market share of joint venture brands.
Therefore, in the next 3-5 years, the market share of joint venture brands will decrease from 40% to 10%, with the lost 30% representing the growth space for Chinese brands in the future.
After this year's Spring Festival, BYD launched a series of Honor Edition models, initiating a new round of price wars in the automotive market.
Wang Chuanfu stated that the main competitors of BYD's Honor Edition models are traditional fuel cars and joint venture brands. It is estimated that the sales volume in March will exceed 300,000 units, with a market share of 16% in the passenger car market and 35% in the new energy vehicle market.
Currently, the Qin PLUS model has encountered production capacity constraints, and production capacity will be further increased in the following months of April and May. It is expected that the total sales volume in 2024 will increase by at least 20% compared to 2023.
