BYD Investor Event Unveils 5th Generation DM Hybrid Technology, Sales Targets, and Beyond

BYD to Introduce Fifth-Generation DM Hybrid Technology in May, Targets Over 2,000-Kilometer Range; Expects 2024 Sales Surge by 20% with Overseas Sales Aimed at 500,000 Units

BYD convened an investor event today to discuss various topics, including forthcoming technology advancements and sales projections.

The renowned new energy vehicle (NEV) manufacturer is set to unveil its fifth-generation DM (Dual Mode) hybrid technology in May. This breakthrough technology promises remarkable fuel efficiency, with consumption anticipated to plummet to 2.9 liters per 100 kilometers on low charge. Additionally, vehicles equipped with this technology are projected to achieve an impressive range exceeding 2,000 kilometers on a full tank of fuel and charge. Wang Chuanfu, the company’s chairman and president, shared these insights during the event, as reported by local media Yicai.

BYD intends to gradually transition to the fifth-generation DM technology starting in May, contingent upon market conditions. The existing models are facing a supply-demand imbalance, with demand surpassing supply. Wang indicated that the popularity of models featuring the next-generation hybrid technology is expected to endure for one to two years. Looking ahead to 2025, BYD plans to amplify investments in DM hybrid technology, smart driving, chips, and algorithms, with DM hybrid technology anticipated to be a pivotal driver of the company’s revenue growth.

Currently, approximately half of BYD’s sales comprise plug-in hybrid electric vehicles (PHEVs), while the remaining half consists of battery electric vehicles (BEVs), based on the DM platform and e-Platform, respectively. BYD introduced the DM hybrid technology platform in 2008, followed by the launch of the fourth generation in 2021, distinguishing between the performance-oriented DM-p and the energy-consumption-focused DM-i.

In 2024, BYD anticipates a sales surge of over 20% compared to 2023 figures. Overseas sales are targeted at 500,000 units for 2024, with ambitions to reach 1 million units by 2025. This strategic expansion aligns with BYD’s vision to solidify its position in the global market.

Amidst this growth trajectory, BYD is poised to confront challenges and capitalize on opportunities within China’s NEV industry. Wang foresees intensified competition among Chinese automakers and joint venture brands, with a projected shift in market dynamics favoring domestic brands in the coming years.

Furthermore, BYD plans to introduce a lineup of models priced below 200,000 yuan ($27,670) later this year, featuring city pilot-assisted driving capabilities. Leveraging its scale advantage, BYD aims to harness the best resources and prices from global suppliers.

Looking ahead, BYD remains committed to innovation, with plans to introduce solid-state batteries and high-energy-density products for high-end models, underscoring its ongoing commitment to technological advancement and market leadership.