10 million NEVs and counting: BYD unveils vision for intelligent vehicle future

The company's success stems from its first-mover advantage in NEVs, hybrid technology adoption, and vertical integration.

by Liu Jiaxin

 

BYD marked a significant milestone on November 18 by unveiling its 10 millionth new energy vehicle (NEV), the Denza Z9, at the Guangzhou Auto Show. This premium model features BYD's advanced e3 technology platform, the DiPilot300 intelligent driving system, and a cutting-edge tri-motor independent drive system with dual-motor independent steering for the rear wheels.

Denza Z9 at the Guangzhou Auto Show.

Denza, BYD's premium brand, symbolizes the company's aspirations to lead China's NEV market. BYD Chairman Wang Chuanfu highlighted the brand's evolution, recalling the struggles faced during BYD's early years when annual sales lagged behind competitors, reaching only 400,000–500,000 units between 2010 and 2019. However, BYD’s fortunes shifted, with October sales surpassing 500,000 units and a year-to-date total of 3.237 million vehicles, outpacing 2023’s full-year figures.

The company's success stems from its first-mover advantage in NEVs, hybrid technology adoption, and vertical integration. BYD streamlined its supply chain by establishing the FinDreams series of companies, including FinDreams Battery, FinDreams Powertrain, FinDreams Technology, and FinDreams Precision, to manufacture core components, while maintaining robust R&D capabilities at its headquarters.

This approach has driven operational efficiency and profitability, with Q3 2024 revenue reaching 201.1 billion yuan, surpassing Tesla, and a strong 25.6% gross profit margin in its automotive division.

BYD's first independently developed model, the F3.

Looking ahead, BYD plans to invest 100 billion yuan in intelligent vehicle technology, integrating AI with automotive systems to solidify its position in the high-end market. Models priced above 200,000 yuan are set to feature advanced intelligent driving capabilities, with flagship systems expected to debut by mid-2025. Collaborations, such as incorporating Huawei’s technology into BYD’s full-size SUV Leopard 8, further demonstrate this commitment. 

At the same time, BYD aims to democratize intelligent driving by equipping affordable models like the Seagull with advanced systems, bringing high-tech solutions to a broader range of consumers and reinforcing its leadership across all market segments.