File photo/Zhang Yun (NBD)

"China's auto market is huge, and even if a certain segment has a small market share, it will still be a very large market," said Li Yunfei, the general manager of the BYD brand and public relations department, to a reporter with National Business Daily during the 2023 Shanghai Auto Show.

At this year's auto show, BYD released three new models.With the improvement of the brand matrix and the accelerated introduction of new models to the market, Li Yunfei said that BYD's cumulative sales target in domestic and foreign markets in 2023 is 3 million vehicles.

According to the annual report data released by BYD in 2022, BYD's cumulative R&D investment exceeded 20.223 billion yuan in 2022, a year-on-year increase of 90.31%, accounting for 4.77% of operating income.

Regarding the competition pattern of the domestic auto market in the next 3-5 years, Li Yunfei believes that the speed of the transition from fuel vehicles to electrification is faster than everyone expected.

"The past few years have been a critical point in the development of China's new energy passenger vehicle industry, which has grown from a market share of less than 5% to over 30% in the first quarter of this year." Li Yunfei added that especially after the "price war" in March, the process of electrification in the industry will be faster.