Chinese electric vehicle manufacturer BYD has set an ambitious sales target for 2024, aiming for a 20 per cent increase from its previous record-breaking year, according to reports from China Business Network (CBN).

Chairman Wang Chuanfu revealed at a BYD investor meeting the company's goal of achieving 3.6 million vehicle sales this year, with a focus on international markets. BYD intends to more than double its overseas sales to 500,000 vehicles in 2024 and projects further growth to 1 million vehicles by 2025.

Despite posting its slowest quarterly profit growth in two years and witnessing a slowdown in electric vehicle (EV) sales within China, BYD remains optimistic about its prospects. Wang stressed that the new energy vehicle industry is entering a critical phase, characterized by fierce competition in scale, cost, and technology over the next few years.

Wang predicts a decline in the market share of joint ventures in China, estimating a drop from 40 per cent to 10 per cent over the next three to five years. To maintain its competitive edge, BYD is gearing up to launch its next-generation plug-in hybrid system in May, which promises significant improvements in fuel efficiency and range.

The fifth-generation DMI technology for BYD hybrids is expected to deliver exceptional fuel consumption of 2.9 litres per 100 kilometres and combined ranges of up to 2,000 kilometres. This marks a notable advancement compared to the current hybrid system, which consumes 3.8 litres per 100 kilometres and offers combined ranges exceeding 1,200 kilometres.

(With Reuters inputs)