FYI: BYD Sets New Record in Global Plug-In Vehicle Sales for July
BYD has shattered its global plug-in electric vehicle sales record once again, with July seeing an impressive climb from June’s figures by a few hundred units.
Unprecedented Growth in July
In July, BYD’s passenger plug-in car sales soared to 340,799 units, including over 12,600 EVs from its sub-brands. This marks a substantial 30.5% increase compared to the same month last year. Notably, the push towards plug-in hybrids has been a major driver of this growth.
The Rising Dominance of PHEVs
The current market trend reveals a significant shift in BYD’s strategy, focusing heavily on plug-in hybrids (PHEVs). Since February, PHEVs have held the majority in the sales mix, continuing to gain ground at an accelerated pace. In July alone, BYD sold nearly 211,000 PHEVs, which accounted for 62% of their total volume and represented an astonishing 67% year-over-year growth. No other company matches BYD’s PHEV sales, solidifying its leadership in this segment.
A Slight Dip in EV Sales
On the other side of the spectrum, all-electric vehicle (EV) sales experienced a slight decline. Last month, BYD sold 130,000 EVs, a 3.5% drop, marking the lowest overall share in over three years. If this trend persists, BYD may find it challenging to compete with Tesla for the title of the world’s best-selling EV brand.
Year-to-Date Performance
So far this year, BYD has seen remarkable growth in its passenger plug-in electric car sales, with over 1.9 million units sold, a 29% increase from the previous year. Breaking down these numbers:
- BEVs: 856,153 units (up 14%)
- PHEVs: 1,091,791 units (up 44%)
Overseas Expansion
BYD’s international presence is expanding rapidly. In July, they sold 30,014 plug-in vehicles overseas, marking a 65% year-over-year increase and constituting nearly 9% of their total volume.
Future Outlook
In 2023, BYD sold over 3.0 million passenger plug-in electric cars, a remarkable 62% increase from 2022, establishing itself as the largest Chinese carmaker and brand. The forecast for 2024 looks even brighter, with expectations set for reaching 3.6 million units, guided by an average growth rate of over 20%. So far, the past 12 months have seen BYD sell 3.45 million vehicles, making this target highly achievable.
Top Performers
In July, the BYD Qin family emerged as the top-seller with 73,541 units, followed by the Song family at 65,272 units. Both predominantly feature plug-in hybrids, underscoring the company’s strategic focus. The leading all-electric model was the BYD Yuan family with 40,952 units, followed closely by the affordable BYD Seagull, which sold 36,256 units at a starting price of 69,800 CNY ($9,750) in China.
Conclusion
BYD’s robust performance and strategic pivot towards PHEVs underscore its rising dominance in the global plug-in electric vehicle market. With a strong focus on innovation and international expansion, BYD is well-positioned to surpass its ambitious growth forecasts.
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Written by William Kouch, Editor of Automotive.fyi
