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It is reported that BYD Dynasty and Haiyang have annual sales targets of 3.3 million units, and the focus of opening stores will shift to county towns.

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Release: 2024-04-02 21:28:09
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消息称比亚迪王朝、海洋年销目标 330 万台,开店重点转向县城

"Late Auto" learned that BYD has recently determined the internal sales targets of Dynasty and Haiyang.com in 2024. Dynasty.com has a sales target of 1.7 million vehicles and Haiyang.com has a sales target of 1.6 million vehicles. This target does not include overseas markets.

Dynasty and Haiyang.com are the largest and most important sales sources of BYD passenger cars. According to the sales volume announced by BYD today, in the first quarter of 2024, the total sales of the two networks were 586,000 vehicles, accounting for 93.9% of BYD's passenger car sales, and completing 17.8% of the two networks' sales target of 3.3 million vehicles this year.

BYD passenger cars currently include four brands: BYD, Denza, Fangfangbao and Yangwang. In 2023, BYD sold 3.024 million vehicles, of which more than 95% of sales came from Dynasty and Haiyang.

Whether BYD Auto can hold on to and increase the market share of Dynasty and Haiyang.com will basically determine BYD Auto’s sales performance in 2024. Today, the battle has become more difficult to fight. The main products of the two networks are concentrated in the price range of 50,000-250,000 yuan. In addition to old rivals such as Great Wall, Geely, and Changan, NIO Ledo and Xpeng MONA will also launch new models in this price range in 2024.

Under the new competitive situation, Dynasty.com will adjust its channel strategy in 2024. A person close to BYD's sales network said that this year, the expansion of the first-level sales channels with 4S stores as the core in Dynasty's sales network will be significantly slowed down, and "the focus is on capturing the county-level market."

"Late Auto" learned that Dynasty.com will increase its efforts to develop sinking markets such as county level and increase the number of stores in county-level markets, with the aim of taking more share of fuel vehicles.

"Late Auto" asked BYD for verification of the factual information in this article. As of press time, BYD has not responded.

Dynasty and Haiyang set prudent goals

Among BYD's passenger car brands, according to the sales plan for 2024, the goals of Dynasty and Haiyang are not radical.

Regarding the sales target in 2024, BYD Chairman Wang Chuanfu said at the 2023 Financial Report Investor Communication Meeting that sales in 2024 are expected to increase by at least 20% on the basis of 2023.

The annual targets of Dynasty.com of 1.7 million vehicles and Haiyang.com of 1.6 million vehicles are significantly lower than the overall growth rate, which is 13.9% and 15.7% respectively. A person close to BYD's distribution system believes that this goal is "relatively pragmatic."

With the expansion of sales and intensified market competition, BYD is lowering its expectations for the sales growth of Dynasty Network and Haiyang Network. Dynasty.com is the earliest sales network established by BYD and is also the largest sales pillar. It currently has five major family models of Han, Tang, Qin, Song and Yuan. In 2019, BYD added "e-net" to Dynasty Net. In 2021, "e-net" was upgraded to Ocean Net. There are currently 7 models including Dolphin, Seal, Frigate 07, Destroyer 05, and Song PLUS.

From 2022 to 2023, Ocean Network has grown rapidly, with sales increasing from 704,000 vehicles to 1.383 million, a year-on-year increase of 96.4%. Dynasty's sales increased by 360,000 vehicles, an increase of 31.8%.

Nowadays, the once rapid growth momentum of Dynasty.com and Haiyang.com is slowing down. In the first two months of 2024, the two networks sold 140,000 and 159,000 vehicles respectively. Compared with the same period last year, Dynasty.com's sales decreased by 37,000 vehicles, and Ocean Network's sales increased by about 10,000 vehicles. This also partly caused BYD to lose its position as the sales champion of its own brands in the first two months of this year.

However, a person close to BYD’s sales network said that in addition to competitive pressure, BYD’s sales decline in the first two months of 2024 is also due to brand control factors. The BYD brand adopts a traditional wholesale sales model. According to the established goals, the brand first wholesales the vehicles to first-level dealers, and then the dealers sell them externally. Dealers have a certain number of sales tasks every month.

On February 18, BYD launched the Honor Edition of a number of main models, with the price dropping by more than 30,000 yuan compared to the previous Champion Edition. The person said that considering the rhythm of new product switching of the Honor Edition, BYD reduced dealers' sales tasks in January and February to balance dealers' capital investment and avoid placing too much money on the Champion Edition. In March, the sales volume tasks issued by BYD have begun to pick up. BYD's passenger car sales in March this year were 302,000 units, a month-on-month increase of 147.8%.

Compared with Dynasty.com and Ocean.com, which focus on the mass market and have higher market shares, new brands such as Denza are expected to have higher growth rates. According to the sales plan, the proportion of Dynasty.com and Haiyang.com in overall sales will decrease in 2024.

This means that the proportion of models with more than 200,000 yuan will increase. Denza has three models on sale in 2023, with a total of 128,000 units sold, of which the MPV D9 contributed nearly 93% of sales. In 2024, Denza will release three new cars, with the brand targeting sales of 200,000 units, a year-on-year increase of approximately 56.3%. Fangbao has not yet announced its full-year sales target, but it will launch two new cars in 2024, including a high-volume SUV priced at about 200,000 yuan.

In addition, BYD is also increasing its efforts to go overseas, hoping to gain greater overseas markets. In 2023, BYD's overseas market sales will be 243,000 vehicles. Wang Chuanfu said at the 2023 financial report investor communication meeting at the end of March this year that the goal in 2024 is 500,000 vehicles.

Dynasty.com is going to open more stores in the county

BYD believes that the market space for new energy vehicles will further expand in 2024. In February 2024, the domestic retail penetration rate of new energy vehicles was 35.8%. Wang Chuanfu said at the 2024 China Electric Vehicles 100 Forum in March that the penetration rate of new energy vehicles may exceed 50% in the next three months.

Among them, the county-level market is an important increase. Lu Tian, ​​general manager of BYD's Dynasty Sales Division, said at the Han and Tang Honor Edition launch conference that "in a sinking market with relatively little information, fuel vehicles still account for a very large proportion of sales," and BYD's goal is to "subvert fuel vehicles." car".

BYD Dynasty Network plans to layout the sales network thinner and denser, closer to the county-level market, and "screen" more sales from it. A person close to BYD's sales network said that in 2024, Dynasty.com will speed up the pace of opening stores in sinking markets such as counties and cities, and increase channels by opening smaller and lower-cost stores.

Different from the channel strategies of Denshi and Fangfangbao brands that open their own directly-operated stores, Dynasty.com and Haiyang.com adopt the traditional dealer model and open franchises to rapidly expand sales channels. Since 2021, BYD's sales have increased rapidly, which has also stimulated and attracted more dealers to join.

By mid-2022, BYD Dynasty has approximately 900 stores. This number has increased rapidly in the past three years. As of now, according to dealer data on BYD's official website, the number of Dynasty.com stores has exceeded 1,770, mainly 4S stores, city showrooms, supermarkets, and a small number of auto trade stores. However, The proportion is low.

According to the above-mentioned person, BYD’s distribution system includes first-level dealers and second-level dealers. The first-level dealers mainly operate 4S stores and build urban showrooms around the coverage area of ​​4S stores. First-level dealers are qualified to wholesale vehicles directly from automobile manufacturers. Second-level dealers are called "second networks" and generally need to purchase cars from first-level dealers.

Compared with first-level dealer stores, the "second network" has lower requirements for location, area, and personnel, which lowers the threshold for dealers to join. “Second Network” stores are mainly specialty stores selling new cars, with an area of ​​generally 200㎡-300㎡.

Under the pressure of sales, it has become a trend for car companies to change their channel strategies. New energy car companies generally lower the threshold to attract more dealers. Including BYD, car companies that adopt the distribution model are looking for new growth, and new forces that used to do direct sales and mainly open stores in first-tier cities have become more pragmatic.

In order to sell more cars, Xiaopeng has accelerated its expansion into third- and fourth-tier cities since 2023, and at the same time requires some dealers to reserve a certain amount of inventory. NIO is "testing" the franchise model in the operation of its sub-brand "Alps" and plans to hand over after-sales services and delivery centers to dealer groups and directly operate supermarkets. Ideal is also rapidly expanding into third- and fourth-tier cities, and plans to cover almost all fourth-tier cities in the future.

Compared with first- and second-tier cities, the demand for new energy vehicles in counties and fourth-tier cities will be sparse. But in the past three years, when the new energy vehicle market has expanded rapidly, users who are easy to accept new energy and good business have been consumed. Even BYD, which ranks first in sales, must adapt to increasingly difficult business.

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source:tgbus.com
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