Summary
– BYD has experienced rapid growth in car sales, particularly in the electric vehicle market
– The company has seen an increase in both BEV and PHEV sales, with a record high in exported vehicles
– Despite the growth, profits have fallen by 47% in the first quarter due to an EV price war and competition with Tesla
– BYD aims to expand its retail footprint and launch new models to increase sales to over 4 million in 2024
– The brand is making efforts to enter new international markets and reduce transport emissions
Article
BYD, a rapidly growing car company, has seen sales hit 3 million within just a few years. Despite a decline in profits due to an ongoing price war in the electric vehicle (EV) market, the company’s latest results show continued growth in EV sales as it competes with Tesla for top global ranking. In April, new energy vehicle (NEV) sales reached 313,245, with full battery electric vehicles (BEVs) making up 134,465 units, and plug-in hybrids (PHEVs) reaching 177,583 sales.
BYD has also reported a record number of exports in April, with 41,011 vehicles shipped, which is 176% higher than the previous year. The company is exploring new markets to offset any potential decrease in new car sales in China. Despite the recent growth, profits for BYD fell by 47% in the first quarter, reflecting a trend of revenue declines and cost-cutting measures seen at Tesla, its main competitor. BYD’s exports have included Australia, where the company has sold over 20,000 EVs and aims for aggressive growth in the market.
Sales of the Atto 3 electric SUV, one of BYD’s successful models, are expected to continue growing due to discounted offers for demonstrators, potentially shaving $8,000 off the price of an extended variant until stock runs out. In the first four months of the year, BYD has sold 939,508 vehicles globally, a 23% increase compared to the same period last year. The company plans to launch multiple new models and expand its retail network from 35 to over 70 locations by the end of 2024.
Looking ahead, BYD aims to surpass 4 million sales in 2024 by introducing new models and expanding into new international markets. The company’s founder, Riz, who operates carloop in Melbourne, specializes in Australian EV data and trends. A mechanical engineer by profession, Riz spent his early career building transport infrastructure before starting carloop to focus on EVs. He drives a red Tesla Model 3 and is dedicated to reducing transport emissions in Australia.
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