Summary
- BYD saw record NEV sales in August, with 373,083 units sold
- The company sold 148,470 passenger BEVs and 222,384 PHEVs in August
- BYD stopped producing internal combustion engine vehicles in March 2022
- Sales of PHEVs have been strong, possibly due to new DM 5.0 hybrid technology
- BYD’s NEV sales in January-August totaled 2,328,449 units, with significant growth in both passenger and commercial segments
Article
BYD, a leading new energy vehicle (NEV) maker, achieved record sales in August with 373,083 NEVs sold, marking a 35.97 percent increase from the previous year. This includes 148,470 passenger battery electric vehicles (BEVs) and 222,384 plug-in hybrid electric vehicles (PHEVs). The company’s focus on PHEVs and BEVs has led to a strong sales performance, with passenger NEVs selling 370,854 units in August, up 35.31 percent year-on-year.
The strong growth in PHEV sales can be attributed to the introduction of DM 5.0 hybrid technology, which allows for lower fuel consumption. By launching hybrid models equipped with this technology, BYD has seen significant increases in sales, with PHEV units reaching a record high of 222,384 in August, a 73.12 percent increase from the previous year. The company also sold 31,451 vehicles in overseas markets, an increase of 25.69 percent year-on-year.
In addition to its success in the NEV market, BYD is also China’s second-largest power battery maker, with an installed base of about 18.846 GWh in August. The company’s NEV sales in the January-August period totaled 2,328,449 units, up 29.92 percent year-on-year. This includes 1,004,623 units of passenger BEVs and 1,314,175 units of passenger PHEVs. BYD also sold 264,869 units overseas during this period, marking a 125.46 percent increase from the previous year.
Despite its strong performance, Morgan Stanley has cautioned of potential new price competition following BYD’s launch of 5th-gen DM technology and new models. As the NEV market continues to grow and evolve, competition among manufacturers may intensify, leading to pricing pressures and the need for ongoing innovation and differentiation. BYD will need to continue to focus on technological advancements and product development to maintain its competitive edge in the industry.
Overall, BYD’s record NEV sales in August reflect its continued growth and success in the market. With a strong focus on PHEVs and BEVs, coupled with the introduction of innovative technologies like DM 5.0, the company has demonstrated its ability to meet consumer demand and adapt to changing industry trends. As the NEV market continues to expand, BYD’s position as a market leader and its ongoing commitment to innovation will be key factors in sustaining its growth and competitiveness in the future.
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