Analyzing the Challenges of BYD in the Future Based on the Current Electric Vehicle Market Situation

Abstract

Global new energy vehicle (NEV) technology is developing rapidly. There is an increasing preference for pure electric vehicles in urban areas, driven by environmental awareness and vehicle cost considerations. It is worth noting that the adoption rate of new energy vehicles in China has increased significantly, making it a key market for sustainable transportation. Among the major players in the market, BYD is a well-known brand based on its strong battery technology and successful foray into electric vehicle production, topping the list of energy vehicle sales in China. However, while BYD has achieved success, it is also facing challenges in the future. The purpose of this study was to explore how BYD can maintain its sales dominance in the Chinese market and to provide key insights and strategic recommendations to further expand its global market share. This article examined foreseeable and unforeseen market changes, with particular emphasis on addressing issues related to market competition, charging infrastructure, and government policy. For the above three issues, this paper gave suggestions such as emphasizing product differentiation and increasing R&D investment, cooperating with the government, and establishing a solid relationship with policymakers and industry associations. By identifying and addressing these challenges, this study aimed to contribute to BYD's sustainable growth and success in the dynamic new energy vehicle industry.