See BYD’s high-quality development path from the 2024 Beijing Auto Show

On the evening of April 29, BYD announced its first quarter report for 2024, achieving operating income of 124.944 billion yuan in a single quarter, a year-on-year increase of 3.97%; net profit attributable to the parent company was 4.569 billion yuan, a year-on-year increase of 10.62%. The “new energy brother” continues to maintain an upward trend based on last year’s high growth, and the profit growth rate exceeds the revenue growth rate.

In terms of sales, according to the production and sales report released by BYD, the cumulative sales in the first quarter were 626,000 vehicles, a year-on-year increase of 13.44%. Especially in March, 302,000 cars were sold, a year-on-year increase of 46%, accounting for nearly half of the quarter. It is worth noting that in the first quarter of this year, BYD's new energy vehicle production and sales reached 612,000 and 626,000 vehicles respectively, with sales exceeding production.

Behind the performance growth and booming production and sales is the success of the price reduction promotion strategy. In the first quarter of this year, BYD successively launched multiple "Glory Edition" models, which not only upgraded configurations but also lowered prices, directly triggering a new round of price wars in the industry and driving rapid growth in sales of mid- to low-end models of its Dynasty and Ocean series. . It can be seen that the scale effect and cost reduction have expanded the profit margin, which is the confidence that BYD dares to cut prices. In addition, in the first quarter of this year, BYD invested heavily in research and development, with research and development expenses as high as 10.611 billion yuan during the period, a year-on-year increase of 70.10%.

It is not difficult to find that BYD continues to increase investment in the research and development of high-end brand models and intelligent driving. At the Beijing Auto Show, BYD brought its latest research and development results.

After all, cars serve users, and practicality and safety should be the principles and bottom line that override all smart configurations. BYD's three major sub-brands, Denza, Fengbao and Yangwang, will debut at the 2024 Beijing Auto Show with new models and technical products.

Denza Motors released a new exclusive technology platform - "Yisanfang" at the auto show. At the same time, "Yisanfang"'s first model DENZA Z9GT also made its debut at the auto show. The new car is positioned as an intelligent luxury flagship sedan, equipped with CTB battery body integration technology, and provides multiple lidar options, and is equipped with the "Eye of God" high-end intelligent driving assistance system. According to reports, Yisanfang is built based on the vehicle intelligence strategy and is the world's first technology platform that can simultaneously realize three-motor independent drive and original rear-wheel steering, taking into account both pure electric and hybrid vehicles.

As a new personalized brand of BYD, Fangfang Leopard unveiled the Leopard 5, Leopard 8, Leopard 3, and sports car SUPER9 at the auto show. It is understood that the Leopard 8 is based on BYD's DMO super hybrid off-road platform and is positioned as a large hardcore SUV. It will be officially launched in the third quarter of 2024. The smaller Leopard 3 is positioned as a medium-sized hardcore urban off-road SUV and will be Fang Leopard Motors' first pure electric model. "The '583' hardcore family consisting of Leopard 5, Leopard 8 and Leopard 3 and the sports car SUPER9 are the initial implementation of the '2X' product system planned by Fang Leopard." said the relevant person in charge of Fang Leopard Automobile.

In addition, the product and technology matrix of Yangwang Automotive continues to expand, with its products Yangwang U8, Yangwang U9 and Yangwang U7 appearing at the exhibition, showcasing a million-level high-end product matrix based on the core technologies of Yisifang and Yunnan. On the first day of the auto show, Yunnan-Z technology was released and was first installed on the U7. According to reports, Yunnan-Z replaces traditional hydraulic shock absorbers with four highly integrated suspension motors, which have smaller energy transmission losses. It directly generates electricity through the suspension motors, realizes energy recovery, and charges the battery. As the million-level flagship sedan of Yangwang’s third model, Yangwang U7 is equipped with Yi Sifang, Yunnan-Z and “God’s Eye” high-end intelligent driving assistance systems.

For sales in 2024, BYD Group aims to maintain a growth of more than 20% based on 3.02 million vehicles in 2023. For this reason, in addition to the three major brands, Dynasty.com and Haiyang.com are also actively exploring the new car market. BYD's performance at the Beijing Auto Show can be described as comprehensive coverage from tens of thousands to millions of levels, with more blooming and more diversified growth.

Among the many highlights, the world premiere of BYD Qin LDM-i is undoubtedly a highlight. This car is the latest member of BYD's "Qin" series IP and is positioned as a mid-size sedan. It adopts BYD's iconic "dragon face" aesthetic design and injects more contemporary elements into the appearance, making the style more radical and sporty.

Qin L not only has an eye-catching appearance, but its interior also uses "landscape painting" as its design language, creating an elegant and tranquil interior atmosphere. It also strives to break the old impression that mid-size cars are "gas-consuming" and promote "big and economical" as a new trend for mid-level cars. In terms of intelligent configuration, Qin L is also not far behind, equipped with DiLink intelligent cockpit system, including a 15.6-inch adaptive rotating suspension Pad, vehicle ETC, NFC digital key and full-scenario intelligent voice function. In addition, its DiPilot intelligent driving assistance system has advanced functions such as adaptive cruise, intelligent piloting, emergency lane keeping assistance and blind spot monitoring, aiming to provide a safer and more convenient driving experience.

Generally speaking, BYD Qin L will be an important brand for BYD to hit the annual sales target this year. Now that Qin PLUS has successively cut prices and basically stabilized in the price range below 100,000 yuan, the market prospects for family cars in the 100,000-150,000 yuan range are still promising. . On the other hand, in addition to hybrid technology, BYD models have always been recognized by the outside world for their good smart cockpit performance, which will still be an important selling point for BYD Qin L in differentiated competition.

Another new car that has attracted much attention is BYD's new medium-sized SUV - Hiace 07EV. This is also the first model in BYD's "Ocean Net" series to be equipped with the advanced "Eye of God" intelligent driving system. The car will provide L2-level intelligent assisted driving functions, including high-speed piloting and many other advanced technologies. Hiace 07EV is planned to be officially launched in May this year, and the price is expected to be around 200,000 yuan. BYD Hiace 07EV introduces advanced high-speed piloting function. This system can imitate the driving strategy of human drivers and integrates multiple functions such as lane keeping, lane piloting, lever lane changing, traffic sign recognition and intelligent speed limit. This system can dynamically adjust the vehicle speed during driving to adapt to lane changes, ensuring smooth lane changes after increasing the safe distance between vehicles. When encountering a vehicle that cuts into the queue laterally, Hiace 07EV will intelligently determine and select the best opportunity to change lanes, while automatically maintaining a safe distance from surrounding vehicles, thereby improving driving safety and convenience.

New energy vehicles are booming in the Chinese market. Currently, all Chinese car companies’ self-branded main products have become fully new energy vehicles. Regardless of cars, SUVs or MPVs, the best-selling models in each market segment are new energy vehicles. Especially these sales Currently, the vast majority of Crown models are plug-in hybrid products, which while significantly reducing consumers' vehicle costs, have also become the main force driving the growth of new energy vehicles in China. The rise of BYD is a typical example of Chinese brands continuously creating with leading technology and advanced productivity. It shows that China is accelerating from an automobile power to an automobile power. As the largest private enterprise since the founding of the People's Republic of China, it shoulders the important responsibility of taking Chinese brands global.