BYD Looks To Establish Brand Image So That It Can Attract As Much Attention As Tesla
After witnessing the success of the Tesla Model 3 reveal, including the hundreds of thousands of reservations received (~400k at last count), BYD has decided to focus on building a brand image that’s similar to that of Tesla.
BYD has perhaps the most extensive lineup of plug-in vehicles of any automaker in the world, yet it’s often overlooked in the electric scene, perhaps due to the fact that it mostly only sells its cars in China.
However, BYD hopes to eventually branch out, but first it must establish its brand image. As Bloomberg reports:
“The maker of the Qin, Tang and Song models, named after three Chinese imperial dynasties, will focus on branding in the next two to three years so that there’s better recognition of the company’s technological leadership, said Stella Li, BYD’s senior vice president.”
Stella Li had this to say following the Model 3 reveal:
“We don’t have the ability now to sell tens of thousands of cars before producing a single one. The day we can do that will be the day our brand is established.”
“What BYD hopes to achieve through its brand image is to position us as a company that’s grounded, will deliver what we promise and one with a long-term target. We don’t seek a moment’s glory or satisfaction, but take a long-term view. BYD hopes to create a business that’ll be around for a hundred years.”
“Wang Chuanfu [BYD CEO] is a marathoner, while Elon Musk is a 100-meter sprinter. A long-distance runner and a sprinter have different abilities and strengths.”
Most months, BYD leads the world in plug-in electric car sales, so obviously the automaker is on the right track, yet it receives little publicity and is an unknown brand to the general public. That brand image/recognition will be BYD’s immediate focus over the next few years, then branching out to include the U.S. for sales seems the next logical step.