As it fights for market share in a market growingly competitive, China’s top EV producer, BYD, broke monthly NEV sales records. Sales grew after BYD cut pricing on some of its most popular electric cars. Will it be sufficient to top Tesla during the second quarter?
Last month, BYD sold 341,658 new energy vehicles (NEVs), more than ever. Following a 35% increase in NEV sales from last year, BYD exceeded last year’s 341,043 December sales.
Of those, up 13% from the 128,196 sold last June, 145,179 were all-electric. Still, it fell short of topping the 146,395 May sales.
Rising 18% from the 616,810 EVs sold in the first half of 2023, BYD sold 726,153 electric vehicles in the first half of 2024.
Up 58% YOY, plug-in hybrids comprised the other 195,032 vehicles sold last month. For the previous four months now, BYD’s PHEV sales have set a fresh record.
It also sold 26,995 cars abroad to increase development as it entered fresh markets. Fierce price cuts are driving the largest increase driver for the BYD as well.
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During China’s EV price war, BYD exceeds monthly sales records.
Targeting foreign gas-powered vehicles with cheaper pricing, BYD’s sales are going up after beginning a “Liberation battle” earlier this year.
Starting at just $9,700 (69,800 yuan) in China, BYD’s least expensive EV, the Seagull, Overseas, starts at about $20,000. Additionally making the market less expensive iterations of its top-selling Atto 3, Dolphin, and Seal EVs.
As BYD seeks to compete with Toyota and Hyundai in their home markets, the new models are launching in abroad markets such as Japan and South Korea.
Beginning at ¥5.28 million, or around $33,101, BYD debuted its third EV in Japan last week.
By year’s end, the Seal, it’s response to the Tesla Model 3, should arrive in South Korea.
Though BYD is most recognized for its reasonably priced electric vehicles, the behemoth is also entering luxury, mid-size SUVs, pickups, and supercars in new areas. Last week, the new Yangwang U9 electric supercar was seen whirling around the Nurburgring (video here). Aimed at Ferrari and Lamborghini, starting at $233,400 (1,680,000 yuan), the +1,200 horsepower U9 targets.
Also introducing the Sea Lion 07 in May, BYD’s first “medium-sized urban smart electric SUV,” Starting at 189,800 yuan ($26,250), BYD’s latest electric SUV undercuts Tesla’s top-selling Model Y, which starts at 249,900 yuan ($34,550) in China.
BYD will also handle fresh European levies on Chinese goods in parallel. While some anticipate it could affect sales, it makes more on some EVs sold in the EU than in China and might be able to handle the increased taxes.
Will new models and price reductions by BYD be sufficient to trump Tesla once more? Rising 42% from Q1, BYD sold 424,039 EVs in the second quarter of 2024. Wall St. estimates Tesla’s sales to be about 450,000; China will be essential to reach its goal.
Update 7/2/2024: Toping BYD once more, Tesla ( TSLA) delivered 443,956 EVs in Q2 2024.
Update 7/3/2024: Based on fresh Counterpoint analysis, it might reclaim the position of the top EV producer worldwide from Tesla in 2024.
FAQs
Yes, BYD achieved a record-breaking sales quarter in 2024, selling nearly 1 million electric and hybrid vehicles combined.
BYD’s aggressive price reductions across their models are considered a major factor in the sales surge.
