BYD\’s first pickup truck, SHARK, is on the market but has not made its debut in mainland China. Experts point to two major considerations

Chinese electric vehicle giant BYD (002594-CN) released its first gasoline-electric hybrid pickup truck model SHARK in Mexico on Wednesday (15th), priced between 899,980 and 969,800 Mexican pesos (approximately 386,600 to 416,500 yuan) , with a 1.5-liter turbocharged engine and a dual-motor PHEV system, a combined output of 430 horsepower and an excellent driving range of 840 kilometers, it is expected to become a strong rival to Ford (F-US) Ranger and Toyota Hilux in North America, but As China gradually reduces restrictions on pickup trucks, BYD has launched its electric pickup truck in overseas markets, which has also puzzled the outside world.

Chinese electric vehicle giant BYD (002594-CN) released its first gasoline-electric hybrid pickup truck model SHARK in Mexico on Wednesday (15th), priced between 899,980 and 969,800 Mexican pesos (approximately 386,600 to 416,500 yuan). The PHEV system consisting of a 1.5-liter turbocharged engine and dual motors, a combined output of 430 horsepower and an excellent driving range of 840 kilometers is expected to become a strong rival to Ford (F-US) Ranger and Toyota Hilux in North America. However, as China gradually BYD has reduced restrictions on pickup trucks but launched its electric pickup truck in overseas markets, which has also puzzled the outside world.
Experts point out that BYD will face two main pressures if it enters the Chinese pickup truck market. First, Great Wall Motors (601633-CN) (02333-HK) owns Great Wall Motors, which has nearly half of the market share. Second, the relevant policies have not yet been fully liberalized. .
Great Wall Motors started its business with pickup trucks. Its brand Great Wall Cannon has maintained its position as the sales champion for a longer time. What’s more important is that Great Wall Cannon has gone overseas and has product layouts in many countries and regions such as South America, Africa, and the Middle East. Mexico also started as early as last year. I applied to enter in February.
However, in the process of Great Wall Cannon\’s long-term dominance, there are many challenges and competitions. Changan Automobile is one of the most important companies. The Changan Lantuo launched by Changan Automobile in the early stage is too similar to the ordinary version of Great Wall Cannon. It is difficult to have a differentiated advantage. The Hunter model debuted this year and It has successfully captured some market share through its fuel-saving and durable features. Although it still has a long way to go to catch up with the Great Wall Cannon, the Hunter has become the sales champion of China\’s electric pickup trucks last month.
Experts believe that although BYD is a newcomer to the pickup truck market, it is still a leader in the field of electric vehicles and can fully rely on its original advantages to compete with the Great Wall Cannon. BYD SHARK is based on the DMO super hybrid off-road platform and has advantages.
In addition, the main reason why BYD SHARK will not be launched in the Chinese market is that the auto market environment is not good enough.
Pickup trucks belong to the N category, and trucks are commercial vehicles. They are managed the same as light trucks and micro trucks. Initially, considering environmental protection and traffic, major cities in China restricted the entry of pickup trucks into the city until February 2016. However, there are still restrictions on pickup trucks. region.
In addition, according to relevant regulations, the normal scrappage period of a pickup truck is 10 years. After expiration, it can be applied for another 5 years. From the perspective of users, ordinary consumers are more inclined to choose \”vans\” with large enough loading capacity and economical benefits. Logistics companies choose storage trucks. A light truck with stronger physical capabilities.
Faced with an unoptimistic market environment, BYD may have anticipated that BYD SHARK may not be a hit after entering the domestic market. BYD SHARK, the brand\’s first pickup truck, also requires relatively high marketing expenses and may not go into production as expected.
In this case, it would be better to test the waters in overseas markets first and wait until the domestic pickup truck is fully liberalized before launching it.
Mexico\’s demand for overseas cars is relatively strong. Many domestic brands have a place in Mexico. In addition to BYD, GAC, Geely, Great Wall, Chery and other brands have local product layouts. According to the export volume data of independent brands in 2023, Mexico is second only to Russia.
The best-selling pickup trucks in Mexico are Japanese and American models such as Toyota Hilux and Ford Ranger. These two models have a history of 40 to 50 years in the country. For BYD SHARK, even though it has the advantages of electric vehicles, it wants to change local consumers’ attitude toward pickup trucks. The stereotype is quite difficult.
Experts believe that the main competitor of BYD SHARK may still be its own people. China\’s Jianghuai Automobile has already deployed pickup products such as JAC T6 and JAC T8 in Mexico. It will launch electric pickup trucks in the future. Chery is also rumored to mass-produce a new pickup truck.

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