China-based EV Maker BYD Reports Rapid Growth Across Multiple Segments
【Summary】To fuel steady growth, BYD is in the process of launching up to 10 new EV models in the near future. The business aims to sell around 650,000 electrified units in 2019.
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 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.
Waymo Receives Permit to Participate in California’s Autonomous Vehicle Pilot
How Do Autonomous Cars Deal with Double-parked Vehicles?
Kitty Hawk and Boeing Form Partnership to Make Flying Cars Safer
Waymo to Bring Driverless Cars to France and Japan via Nissan-Renault Partnership
Porsche Forecasts EVs Going Mainstream
Zomato Tests Drones for Food Deliveries in India
Alibaba Brings Tmall Genie to Audi, Honda and Renault Vehicles
Driverless Sensor Startup Sense Photonics Raises $26 Million in Series A Funding
- Toyota Leads $590 Million Funding Round in California VTOL Aircraft Startup Joby Aviation
- Polestar Opens Dealership in Oslo, Will Focus on China, U.S., Europe in 2020
- Here’s What We Know About Tesla’s Upcoming Electric Pickup Truck
- Volkswagen is Investing $66 Billion in E-Mobility and Digital Technology
- Uber, Distracted Driver Cited for Fatal Crash in Arizona Claims NTSB
- Ford is Launching the Largest EV Charging Network in the U.S.
- Volvo Unveils the XC40 Recharge, its First Fully-Electric SUV
- Automotive Supplier DENSO Leads Series A Investment in Radar Startup Metawave
- Ford Officially Confirms the 'Mustang Mach-E' Name for its First Fully-Electric SUV
- BMW Showcases Upcoming i4, Claims 373 Miles of Range