BYD, take a big order overseas!

BYD has won another large order in the international market.

On July 31, BYD announced that it will enter into a multi-year strategic partnership with Uber, an international mobility and delivery technology company, to launch 100,000 new BYD electric vehicles in key markets around the world to further expand the electric vehicle lineup on the Uber platform.

In recent years, BYD has continued to expand its overseas layout. In the first half of 2024, BYD exported a total of 203,400 vehicles, a year-on-year increase of 173.8%. Guosen Securities Research Report said that thanks to the continuous improvement of BYD's export model matrix, as well as the support of overseas factories for subsequent overseas business, the company's production capacity has been implemented one after another, and export sales are expected to continue to increase.

BYD joins hands with Uber to expand the shared mobility market

It is understood that Uber has the world's most extensive mobility technology platform, in 2010 it first launched the online car-hailing service Uber Black, and then rapidly expanded the international market, becoming the global leader in shared travel.

On July 31, BYD and Uber reached a partnership to launch 100,000 new BYD electric vehicles in the global market. BYD said that the two companies will work together to promote the popularization of electric vehicles. The partnership will start in Europe and Latin America and gradually expand to regions such as the Middle East, Australia and New Zealand, enabling more passengers around the world to experience greener mobility.

"Both BYD and Uber are committed to innovation and working together to build a cleaner and greener world, and I am thrilled that BYD and Uber are working together to move towards this future," said Wang Chuanfu, Chairman and President of BYD. It is understood that in order to advocate more drivers to choose electric vehicles, BYD and Uber will further consider providing charging discounts, vehicle maintenance or insurance discounts for car owners in the future, as well as providing financing and leasing solutions according to the specific conditions of each market.

Dara Khosrowshahi, ·Uber's chief executive, said that when an Uber driver switches to an electric vehicle, they will achieve four times more emissions reductions than the average driver because they drive longer.

At present, BYD continues to develop the market in the field of electric taxis. On June 3, the number of new taxis delivered by BYD in Taiyuan reached 3,000, reaching another "milestone" since the replacement of Taiyuan taxis. From a domestic point of view, the penetration rate of shared travel is still at a low level, and the market size is expected to continue to grow.

According to the research report of Soochow Securities, the overall market size of the automobile travel industry in 2023 will be 8.2 trillion yuan, and the penetration rate of shared travel (including taxis and online car-hailing) will be 5.3%. In the future, the scale of the domestic travel market is expected to maintain a steady growth trend, and the proportion of shared travel will continue to increase with the advantages of convenience + low cost, and the sharing economy will become a new trend.

From a global perspective, the electrification transformation of the shared travel industry will also bring a broad market space for BYD. Li Ke, executive vice president of BYD and president of BYD Americas, said that BYD has been promoting sustainable mobility around the world, and the partnership with Uber is an "important step" in realizing this vision, and this cooperation marks a new chapter in the electrification of urban mobility.

Make efforts to overseas layout and press the "acceleration button" to go to sea

On July 23, local time, BYD South Africa Branch reached a landmark cooperation agreement with Golden Arrow, a well-known bus operator in South Africa, and successfully won an order for 120 buses. This means that South Africa's first fleet of electric buses is about to be born.

It is understood that at present, BYD's commercial vehicle footprint has spread to six continents around the world, including Amsterdam, London, Tokyo and Sao Paulo and other international metropolises, with a cumulative delivery of more than 80,000 vehicles.

In addition to commercial vehicles going overseas, BYD passenger cars have also pressed the "acceleration button" to go overseas. On July 18, BYD announced that it has officially entered the Viet Nam market and will launch three pure electric vehicles in Viet Nam in October: BYD Seal, BYD Dolphin and BYD ATTO 3 (i.e. Yuan PLUS). According to BYD's plan, the number of its Viet Nam dealers will be expanded to 100 by 2026.

On July 4, BYD's passenger car plant in Thailand was officially completed and put into production, and the 8 million new energy vehicles rolled off the production line at the Thailand plant. The Thailand factory "carried" the 8 million new energy vehicles, which also highlights BYD's determination to go overseas.

Minsheng Securities Research Report said that BYD's overseas construction of factories will bring a double improvement in cost-effectiveness and brand influence, while avoiding some trade friction restrictions. Since September 2022, the company has successively announced the construction of new energy passenger vehicle plants in five overseas countries, with a total planned annual production capacity of more than one million units, and accelerated the export of production capacity. At the same time, BYD's self-built car carrier fleet will reduce transportation costs, ensure the rapid delivery and expansion of overseas markets, and accelerate the export of finished vehicles.

In 2023, BYD's overseas sales of new energy passenger vehicles will exceed 240,000 units, a year-on-year increase of 337%, making BYD the Chinese brand with the largest export of new energy vehicles in 2023. In the first half of 2024, BYD exported a total of 203,400 vehicles, a year-on-year increase of 173.8%.

According to the research report of Tianfeng Securities, BYD's globalization is progressing smoothly, with a total export of more than 200,000 units in the first half of 2024, and the annual export is expected to reach 400,000-500,000 units. In addition, the company is actively deploying in Africa, South America, Asia and other markets, and overseas sales are expected to form strong profit support for the company.

Editor-in-charge: Wan Jianyi

Proofreading: Wang Jincheng

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