BYD: Leading the Charge in Automotive Innovation and Sustainability

Marketing Team March 15, 2024 News, Electric Vehicles, BYD, D. M. Keith News

BYD: Leading the Charge in Automotive Innovation and Sustainability

In the dynamic landscape of automotive manufacturing, it's not just about creating cars that dazzle on the roads; it's also about ensuring they are insurable, repairable, and aligned with market demands. This is where BYD, the Chinese automotive giant, is setting a commendable precedent by proactively engaging with organisations like Thatcham to enhance insurability and repairability standards. Such forward-thinking approaches could set a benchmark for other OEMs (Original Equipment Manufacturers) to follow suit.

Recently there has been some news regarding BYD car owners in the UK encountering steep insurance premiums, with some facing near-uninsurable conditions. The soaring premiums are primarily attributed to a scarcity of available parts and expertise required for repairs. According to a report from Auto Express, drivers of BYD vehicles are met with exorbitant insurance quotes because only a handful of insurers are willing to underwrite them, given the complexities involved in repair work. At the time of writing this, there are a few insurance companies that are ready to offer you a more affordable insurance option for your BYD car, such as Go Compare, Direct Line, Churchill, Hastings, and Admiral.

For 2 days in January Thatcham Research played host to a number of invited guests from BYD Product Showcase in their world-leading Repair Technology Centre opportunity to delve into BYD's latest offerings, and it's evident that their commitment to quality and innovation is unwavering. The build quality and standard specifications across all three cars they examined were nothing short of excellent, hinting at a promising future in the UK market.

There were a few areas for improvement for BYD. However, what impressed Thatcham was BYD's collaborative approach and swift response to feedback from organisations like Thatcham. This proactive attitude suggests that any shortcomings are likely to be short-term issues, swiftly addressed to ensure customer satisfaction.

What truly astounds is the sheer magnitude of BYD's influence beyond just automotive manufacturing. While many are aware of their prominence, the depth of their reach is staggering. Did you know that a fifth of all smartphones globally contain BYD technology? Or that they play a pivotal role in manufacturing over half of the iPads worldwide? Moreover, their dominance extends to sustainable transportation, with 70% of electric buses operated by Transport for London being supplied by BYD.

In the realm of battery technology, BYD stands tall as well, with a global market share of 15%. What's intriguing is how BYD's vertical supply chain strategy minimises dependence on external sources. With the exception of tyres and glass, they internally source all other components, shielding themselves from fluctuations in the market. BYD's multifaceted presence underscores a broader commitment to innovation, sustainability, and adaptability. Their endeavours not only shape the automotive industry but also leave an indelible mark on technology and environmental conservation.

Last week Thatcham Research hosted a UK Product Showcase for BYD in our world-leading Repair Technology Centre. The 2-day event invited guests from across the insurance, repair & automotive industry, allowing them insight into BYD's innovative line-up and how we are working with them to ensure safety, security and sustainable repair are embedded as core design attributes.

Alanna Wood

Marketing Lead at Thatcham Research

Darren Bright, Thatcham’s principal engineer for automotive repair, talks about core repair considerations for the BYD ATTO 3, DOLPHIN and SEAL models, encompassing repairability, parts variation and key repair methods.

BYD is gearing up for a significant leap into the UK market in 2024, marking the beginning of a promising future. Their meticulous planning reflects a keen focus not just on initial sales but also on post-sale services, a strategy that directly influences customer insurance premiums.

Thisismoney.co.uk conducted a quotation search using Compare the Market to determine the insurance costs for a SEAL owned by a 40-year-old male residing in Lincolnshire. The car is typically parked on a driveway at the owner's property and covers 10,000 miles annually for social, domestic, and commuting purposes. The range of quotes varied significantly, with the quotes starting from £758.

BYD is actively addressing this issue and collaborating with relevant stakeholders to devise a lasting solution.

"We prioritise transparency and openness with third-party repairers and insurance firms, ensuring accessibility to all necessary data," stated a BYD spokesperson. They continued, "For instance, our supply network for replacement parts underwent rigorous testing by Thatcham Research, with an impressive 90% of parts delivered within 48 hours. Consequently, we're witnessing an increasing number of insurance companies offering competitive quotes across our entire model lineup."

With BYD increasing its market influence, the aftermarket industry is ready to play a crucial role. With Thatcham Research's support, the industry is well-prepared to confidently navigate through the ever-changing landscape, thanks to their essential guidance on vehicle technologies, repair methods, risks, technical assistance, and standards.