BYD unveiled the Shark electric pickup truck on Monday, Apr. 22. The company announced the electric vehicle will include a plug-in hybrid Dual Mode Off-Road (DMO) system for off-roading.
Although the Beijing Autoshow began on Thursday, the Chinese EV maker introduced the BYD Shark on Weibo days earlier. However, according to a report from Reuters, the firm did not indicate price options.
It's Finally Here
The BYD electric pickup vehicle was first seen at the facility in November 2022. According to Electrek, a leaked October patent shows the electric pickup's design. Wolfgang Egger, a renowned Lamborghini and Audi designer, created the truck with four doors, powerful fenders, and a "BYD" grille similar to the Ford F-150 Lightning and Toyota Hilux.
Coming Soon . . . #BYDSHARK pic.twitter.com/SblATKOkF9
— BYD (@BYDCompany) April 22, 2024
The latest BYD teaser named the electric pickup "Shark." The teaser featured the pickup's full-length light bar and stacked headlights like the F-150 Lightning.
BYD announced the Shark electric pickup using DMO technology on social media. Off-road PHEVs, such as the Fang Cheng Bao Bao 5, use the DMO super hybrid platform.
A four-wheel electric drive system that dynamically shifts torque between the front and back wheels improves off-road performance. On the CTLC cycle, BYD's DM technology can provide 245 horsepower (180 kW) and 745 miles (1,200 km).
BYD Overtakes Tesla
BYD, located in Shenzen, reported its first 80% annual profit increase since surpassing Tesla as the world's largest EV vendor.
BYD is expanding internationally, and they tested their anticipated right-hand drive model in Australia.
The EV maker posted a nearly quadrupled net profit of 30 billion yuan ($4.2 billion), up from 16.6 billion in 2022. This is despite BYD facing a "complex external environment," including worldwide inflation and major national economic downturns.
Tech Times previously reported that BYD's more affordable electric automobiles have increased sales compared to Tesla's. BYD outsold Tesla in Q4 2023, selling 525,409 battery EVs to 484,507. The BYD entry-level electric car in China, priced over $10,000, has drawn a diverse clientele and improved sales and profitability compared to Tesla's $39,000 Model 3.
After selling 3.02 million EVs worldwide in 2023, up 62% from 2022, BYD hopes to grow in the US. BYD sold 1.44 million plug-in hybrids, a product Tesla does not sell.
Because of its performance, Dunne Insights CEO Michael Dunne believes BYD can enter the US market at the right time. To thrive worldwide, Chinese EV producers must have a strong presence in lucrative US and European markets, he added.
BYD wants to develop manufacturing in Europe, maybe Hungary. The company is also seeking a Mexican EV facility to showcase its worldwide ambition.
However, in March, BYD postponed the construction of an EV factory in Phu Tho, Vietnam. Gelex Group vice chairman Luong Thanh Tung announced the delay during a shareholder meeting. Tung cited strategic reasons and an electric car industry slowdown as the reason for the delay.
BYD and Gelex bought 100 hectares of land for production but sought a new start date.
This delay comes amid expectations of a global EV market decline in 2024 due to falling government subsidies and demand. Despite the delay in Vietnam, BYD claims it is establishing EV factories in Thailand and Indonesia.
