JAKARTA The giant automotive manufacturer from China, BYD, is targeting an ambitious target by 2030 where half of its total sales are targeted to come from international markets outside China. This move is a strong signal that BYD is serious about strengthening its position as a major player in the global automotive industry.
According to a Reuters report on Friday, May 9, this big ambition will be driven by aggressive expansion into the European region and Latin America. An anonymous source revealed that BYD executives have conveyed this vision to small groups of investors since late last year, stressing that the European market is an important key to realizing the target.
While it is not yet clear whether the target includes total global sales by 2030, other sources say that BYD's belief is based on their rapid growth in the domestic market in the last five years "a blessing of electric and hybrid vehicles at competitive prices."
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It is this success in China that BYD wants to replicate to the international market. With the current product portfolio, the company hopes to gain similar success abroad.
Although BYD has yet to provide an official statement, this target has the potential to make them level and even surpass world auto giants such as Toyota and Volkswagen in the global arena.
BYD and other Chinese automakers are now dominating China's domestic market thanks to supply chain efficiency and competitive price strategies, especially in the electric and hybrid vehicle segments. This advantage also makes BYD, based in Shenzhen, the market leader at home and beating competitors from abroad.
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