BYD has no plans to embark on multi-brand strategy, Deputy GM says

Gasgoo.com (Shanghai June 7) - BYD has no plans to establish a multi-brand strategy similar to its rival Chinese manufacturers, Deputy General Manager Zhang Zhuo remarked in a recent interview with the Nanfang Daily.

BYD has already released a variety of new models such as the F3 Surui (pictured), L3, G6 and S6. The models cover several different segments, with the F3 Surui competing in the 100,000 yuan to 150,000 yuan ($16,202-$24,303) segment alongside the Hyundai Yuedong Elantra, Nissan Bluebird Sylphy and Chevrolet Cruze. Despite this, BYD has no plans to embark on a multi-brand strategy. "At the moment, when looking at both brand [image] and product [lines], own brand manufacturers are unable to maintain multiple brands," Mr. Zhang stated.

BYD's sales grew a full 25 percent over the first quarter of the year, with its sales totaling 140,000 vehicles. The manufacturer expects its overall sales growth for the year to reach 20 percent. Boosted by increasingly favorable market conditions, BYD predicts its net profit for the first half of the year to exceed 400 million yuan ($64.81m).

Over the past three years, BYD has focused on strengthening its brand image, improving product quality and making its sales network more and more efficient. According to Mr. Zhang, BYD aims to add 120 sales outlets to its network this year. The outlets will be operated by the manufacturer's current dealerships, with each dealership responsible for an average of three outlets. The additional outlets will help further boost the dealerships' profits.