China-based EV Maker BYD Reports Rapid Growth Across Multiple Segments

author: Michael Cheng   

China-based EV maker BYD is showing tremendous signs of strength, despite facing mixed market conditions in the past seven months within the world's largest auto economy.

In a recent announcement, the Warren Buffet-backed company reported an impressive 291.11 percent year-over-year (YoY) increase in EV sales (according to a report published by Inside EVs). The EV sales boom erased last month's 56.43 percent YoY decrease in sales of gas-powered vehicles. Such figures clearly showcase the transition taking place from traditional gas-powered vehicles to electrified alternatives, as well as BYD's solid position to capitalize on the emerging trend.

New EV Sales and Diversification

BYD's positive sales performance can be seen across multiple segments. The auto manufacturer also reported surging adoption of plug-in hybrid cars and commercial electric buses. To fuel steady growth, BYD is in the process of launching up to 10 new EV models in the near future. The business is aiming to sell around 650,000 electrified units in 2019.

Moreover, BYD is rapidly expanding its presence in Europe. The electrified products to be offered in the region include: pallet trucks, yard tractors, counterbalance forklifts and light trucks. In Spain, the company is collaborating with local dealerships to ensure a smooth roll out.

"Following a crossover strategy, BYD has incorporated all application segments into its innovative development, generating synergy effects. The diverse breadth of applications in various electric vehicle and equipment product ranges and system compatibility remain unrivaled," explained Javier Contijoch, Vice President of Sales at BYD Europe.

As Contijoch pointed out, BYD's offerings go beyond passenger EVs. From a B2B perspective, the automaker provides a range of commercial trucks, electric taxi fleets and heavy-duty electric forklifts. At the moment, its forklifts come with an eight-year (or 10,000-hour) battery warranty. The energy-efficient units are maintenance free and solid state, resulting in increased reliability during use.  

For combustible work sites, BYD is the first in the world to offer lithium-battery powered forklifts with explosion proof protection. Designed to comply with very meticulous ATEX/IECEx flameproof directives, the business currently dominates the specific niche – its competitors in this segment are almost non-existent.

Improving Battery Technology

BYD has made several breakthroughs in battery technology for EVs. Like Tesla, which has extended its sustainable energy offerings to cater to solar-powered systems, the Chinese EV manufacturer understands the essential role that portable batteries play in the sector. Because of this, the business has doubled down on research programs designed to enhance energy storage and boost cost savings in EV ownership.

"The proven BYD Iron-Phosphate battery system offers tremendous cost savings and is considered by insiders to be a cost saver, allowing customers significant investment possibilities. We clearly want to demonstrate this," said Blade Feng, Business Unit Director Forklift at BYD Europe.

To secure a top spot in the portable energy storage market, BYD is preparing to spin off its battery business. According to BYD Chairman Wang Chuanfu, such activities will pave the way for a potential initial public offering (IPO) of its battery division by the end of 2022.  

Michael Cheng

Michael Cheng is a legal editor and technical writer with publications for Blackberry ISHN Magazine Houzz and Payment Week. He specializes in technology business and digesting hard data. Outside of work Michael likes to train for marathons spend time with his daughter and explore new places.