The Marketing and Business Mode of New Energy Vehicle Industry: Evidence from BYD

Abstract

Against the backdrop of increasing global energy constraints, fuel car’s consumers are facing high price pressure on car refueling. New energy vehicles emerge at the historic moment, and different automobile brands have gradually invested a lot of energy in the research and development of new energy vehicles. Besides, the competition for new energy vehicles in the industry is also becoming increasingly fierce. This paper concluded that the whole new energy vehicle industry is more suitable, the effect of the better marketing strategy based on the analysis of the new energy vehicle marketing strategy of the BYD brand. At the beginning, this study first elaborated on the development background of the new energy vehicle industry and introduced the basic situation of BYD company. Subsequently, the BYD is analyzed comprehensively based on the SWOT model. Finally, this paper will focus on BYD's two marketing models for evaluation, and put forward suggestions for other enterprises in the new energy vehicle industry. According to the analysis, BYD company uses its marketing and business mode captured a lot of market share. However, this strategy let most consumers have the stereotype of "low price" for BYD's products. It directly affects to BYD company's high-end new energy vehicle sales. These results shed light on guiding further exploration of other companies in the new energy vehicle industry.