and are similar in that they both achieved product leadership through breakthroughs in core technologies, which in turn broke the long-standing monopoly of overseas giants on the Chinese market.

(Image credit: BYD)

In the first half of 2020, BYD's (OTCMKTS: BYDDY, HKG: 1211) monthly sales of new energy vehicles (NEVs) were only slightly more than 10,000 units.

By March, however, the number exceeded 100,000 for the first time, and BYD announced that it had completely stopped producing and selling purely internal combustion vehicles that month in order to shift to NEVs.

BYD says its cumulative sales of NEVs reach 1.8 million units-CnEVPost

How did BYD reach this achievement? WeChat account Lisi Qiche tried to find the answer in an article today.

Here are some points from the article, shared by CnEVPost's Further Reading section:

The fundamental reason for BYD's leap in sales in just two years and its complete replacement of traditional fuel vehicles with NEVs in its products is its success in technology.

2020 and 2021 are key years for BYD's technological advancement with the release of the Blade Battery, DM-i Super Hybrid Technology, DM-p Super Hybrid Technology and e-platform 3.0 architecture. With the help of these technologies, BYD has seen major breakthroughs in performance across its product lines.

These characteristics make BYD very similar to Huawei, one of China's greatest companies, both of whom have achieved product leadership through breakthroughs in core technologies, thus breaking the long-standing monopoly of overseas giants in the Chinese market.

And it is more difficult for BYD to beat overseas auto brands like Volkswagen, Toyota, Honda, GM and Ford in China than it is for Huawei to beat overseas cell phone brands like Apple and Samsung.

In terms of sales, BYD has not yet entered the first camp of the global auto market. But it is currently one of the fastest-growing car companies in the world in terms of sales, and is still evolving rapidly in terms of technology and products, which has led many research institutions to raise their sales expectations.

BYD's sales target for 2022 is conservatively projected at 1.5 million units, with the potential to reach 2 million if the supply chain is positive. It is possible for it to achieve 5 million sales in the next 5 years and 10 million sales in 10 years.

If you wish to know more, you can copy the original Chinese text into Google Translate.

Original Chinese version:

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Further Reading is a new section of CnEVPost that aims to share articles we see that are worth reading.