BYD(SZ:002594) Xin Lang Cai Jing·2025-07-04 14:23Core Viewpoint - The recent personnel changes at BYD, involving Zhao Changjiang and Li Hui, reflect the company's internal rotation system and aim to strengthen its high-end brand transformation efforts [1][2]. Group 1: Personnel Changes - Zhao Changjiang has been appointed to lead the Tengshi Fangchengbao direct sales network, while Li Hui will take over the Tengshi sales division [1]. - Both individuals are considered key figures in BYD's transition to high-end brands, with extensive experience within the company [1]. Group 2: Brand Development and Sales Performance - Since the launch of the Tengshi D9 in August 2022, it has achieved significant sales milestones, including over 6,000 units sold monthly within five months and over 10,000 units within seven months [5]. - The Tengshi D9 has become the best-selling MPV in China for 2023 and 2024, surpassing traditional competitors like the Buick GL8 [5]. - As of May 2025, the Tengshi D9 has maintained its position as the top-selling MPV in its price range, with over 50% of sales coming from models priced above 400,000 yuan [5]. Group 3: Global Expansion and Product Innovation - Tengshi has begun its global expansion, with the D9 leading sales in several Southeast Asian countries and entering the European market with the launch of the Z9 GT [7]. - BYD is establishing manufacturing facilities in Hungary and Turkey, with plans to produce 350,000 and 150,000 vehicles annually, respectively, to support Tengshi's growth [7]. - The Tengshi D9 features a high level of domestic component integration, with a 91% localization rate for core parts, showcasing BYD's commitment to self-research and development [7][8]. Group 4: Future Outlook - The company is preparing to launch new models, including the N8L, which is expected to drive monthly sales to 20,000-30,000 units [10]. - Tengshi aims to achieve a fully intelligent phase in its product offerings, building on the success of its previous models [10].