BYD’s remarkable success in New Energy Vehicle industry

BYD General Manager – Asia Pacific Division Liu Xueliang, and John Keells Group Chairperson Krishan Balendra in November last year attended a signing ceremony at BYD headquarters in Shenzhen. BYD announced its collaboration with John Keells Group to provide new energy vehicles for the Sri Lankan domestic market.

In 2023, BYD achieved a significant milestone by selling 3.024 million new energy vehicles, surpassing Tesla and claiming the title of the global new energy vehicle sales champion. From “catching up” to “leading”, BYD’s journey represents a remarkable transformation within the Chinese auto industry, marking a “changing lanes and overtaking” miracle in the new energy track. With a reputation for quality and performance, China’s new energy vehicles continue to expand their global market share. In 2023, China’s new energy vehicle production and sales reached 9.587 million and 9.495 million respectively, marking a 35.8% and 37.9% year-on-year increase. China has maintained its position as the world leader in new energy vehicle production and sales for 9 consecutive years, with exports reaching a historical high of 1.203 million, up 77.2% year-on-year.

BYD founder Wang Chuanfu attributes these achievements to a commitment to manufacturing principles, accelerating the development of new quality productivity, and achieving high-quality development.

Recognising the global opportunities in new energy vehicles, BYD strategically positioned itself. Chinese President Xi Jinping emphasised that new energy vehicles are pivotal for China’s transition from a major automobile country to a powerful one. BYD understood the importance of new energy vehicles in national energy restructuring and environmental protection, launching its first new energy vehicle model in 2004. By April 2022, it announced the discontinuation of fuel vehicles and intensified its investment in new energy. Today, BYD’s new energy passenger vehicles are present in over seventy countries across six continents, including Germany, Japan, France, and Brazil.

Continuous technological innovation fuels BYD’s progress. With 11 major research institutes and over 40,000 patents worldwide, BYD has introduced disruptive technologies such as blade batteries, DM-i super hybrids, e-platform 3.0, CTB battery-body integration, Yi Sifang, Yunnian system, and DMO super hybrid off-road platform. Companies like BYD, driven by innovation and long-term commitment, have paved the way for China’s automotive industry to “soar” in the new energy vehicle sector.

BYD’s rapid development is also attributed to its comprehensive industrial chain layout. With decades of innovation, BYD has excelled in core technologies across the entire new energy vehicle industrial chain. BYD stands out as the only new energy vehicle manufacturer independently developing powertrain systems, power batteries, drive motors, and motor controller systems.

President Xi Jinping’s emphasis on seizing new opportunities in adjusting the global industrial structure encourages Chinese companies to explore new fields and excel in new tracks. In the future, more and more Chinese companies will anchor high-quality development goals, adhere to new quality productivity and create new momentum and new advantages for development. With continuous docking of cooperation within the framework of “Belt and Road”, broader cooperation opportunities between China and Sri Lanka are anticipated. China is willing to leverage its strong manufacturing capacity, seize the opportunities of global green transformation to contribute to Sri Lanka’s sustainable and high-quality economic development, ushering in a new era of China-Sri Lanka cooperation.