How BYD Built Their Dreams and Beat Tesla as The Top-Selling Electric Car
- Updated: 16/12/2024
- Published: 30/07/2024
- 5 minutes read
How BYD Built Their Dreams and Beat Tesla as The Top-Selling Electric Car
- Updated: 16/12/2024
- Published: 30/07/2024
- 5 minutes read
Today, we will tell you a story about a practically unknown company that emerged from the darkness to become the best-selling electric vehicle, even outpacing Tesla. You are surprised, right? How did BYD beat Tesla? So was the rest of the world when one name became globally recognized overnight: BYD. But their story and success didn’t happen overnight; it took them decades.
So, pull up a chair and read the inspiring story of the company that built its dreams – BYD beat Tesla in its own game.
Build Your Dreams From the Humble Beginnings
“If you really look closely, most overnight successes took a long time.”
Back in 1995, BYD started as a humble manufacturer of rechargeable batteries. Surprised? They indeed started small in Shenzhen, China, but they soon became the leading supplier of batteries for mobile phones and electronics. But their final goal is to enter the car market. And so, they did in 2003. At first, they produced gas-powered cars, but later, they put their expertise into building electric vehicles that were not only affordable but also reliable and fuel-efficient.
Their hard work in the automotive industry finally started paying off when BYD’s name was all over the media. People began searching for the brand when Warren Buffett bought a 10% interest in the company in 2008. This was an almost golden stamp of approval, indicating that
BYD was a “big player” in the electric vehicle industry.
The Art of Vertical Integration
Both Tesla and BYD use vertical integration masterfully, but BYD takes it to another level. BYD controls the whole production process, from battery production to vehicle assembly. Owning the supply chain created a system where each component worked harmoniously. This helped them develop affordable, reliable electric vehicles that captivated consumers.
Think Globally, Act Locally
Before BYD could impact the world stage, they realized that first, they needed to create their name in their home market. The Chinese automotive market is the largest in the world. They saw an opportunity to fight together with the Chinese government against pollution. They launched a full range of electric vehicles that cater to multiple purposes: buses, coaches, and passenger cars, to meet the nation’s growing demand for cleaner transport. It became one of the strategic moves that made BYD the leader in sustainable mobility.
Welcome To The World Stage
Once their name started being recognized in China, they began expanding across the border. They entered foreign markets through international public transport, setting up electric buses and taxis in cities across the world. Their marketing strategy was focused on not just selling cars but also creating a movement. BYD’s story captured people’s attention, a company not just producing cars but with a mission for a greener planet.
Innovation, Innovation and Innovation
BYD consistently invested in research and development to push the boundaries of electric car technology.
In 2020, they developed Blade Battery, a Lithium Iron Phosphate (LFP) battery that represents excellence in safety, durability, and efficiency. This allowed BYD to offer electric vehicles at affordable prices that represented safety and reliability.
The Little Sparkle of Marketing Magic
Marketing strategies are important in a very competitive electric vehicle market. BYD created a marketing strategy that represents its vision and is focused on connecting with consumers on a deeper emotional level.
Build Your Dreams
BYD lives its slogan, “Build Your Dreams” and they created a brand identity around it. Their holy trinity is innovation, quality, and accessibility. They promote their mission to create a greener planet. This narrative connects emotionally with people not only buying a car but also joining a movement.
Ruler of The Digital World
BYD is focused on high-quality visuals. If you scroll through BYD accounts, you will find some stunning images of BYD electric vehicles moving down sunlit roads. This is BYD at work, engaging and inspiring with digital platforms like Instagram, Twitter, and LinkedIn. Also, they provide valuable insights through blogs, videos, and some quick tips on owning an electric vehicle.
Next, they saw the importance of influencer marketing. Having your favorite car influencer praise BYD and its technology resonates emotionally with customers on another level, creating higher interest in BYD cars.
The core of BYD’s marketing strategy is trust. BYD brings trust to center stage by using Comprehensive Warranties. They sell more than cars; they sell peace of mind, so consumers know their vehicles are well protected.
BYD established a customer service that would be available to consumers at all times. Dedicated support lines, online chats, and local service centers ensure help is always available. Their webinars are designed to inform, engage, and add a touch of personality to demystify electric vehicles.
BYD’s webinars are focused on emotional connection. They feature live question-and-answer sessions that demystify the world of electric vehicles and build confidence and excitement about their innovative products.
Revolutionizing Tomorrow
BYD has become an electric car industry leader due to the excellent fusion of innovation, marketing, and storytelling. The brand has been powerfully marketed with an engaging story created, trust built through openness, and top-notch customer service. Interest is ratcheted on the world observing BYD’s next move, interested in what this innovative and wildly successful company will do.