And here another BYD first: BYD is the first Chinese company to perform a massive dealer cull. “BYD has admitted its sales network grew too fast and has cut the number of dealerships by 100,” reports People’s Daily.
BYD had created a 1,200 dealer network to keep up with the projected demand for 800,000 cars. By the end of last year, BYD had sold only 520,000 cars. BYD’s annual growth of 15.5 percent was less than half of the overall Chinese market.
For this year, BYD has set more conservative goals: They estimate an increase of 10 percent to about 550,000 cars. The company still wants to go ahead with its planned mainland A-share stock listing.