With the sale of over 342,000 new energy vehicles (NEVs), BYD set a new sales record last month. PHEV sales continued to rise in July despite a modest decline in BYD’s EV sales, which had established a new record for the fifth consecutive month.
The top EV manufacturer in China kept up its impressive streak last month. In July, BYD sold 342,383 NEVs, surpassing the June record (341,658) and increasing year over year by 30%.
Despite a 10% decrease in EV sales from June (145,179), BYD managed to sell 130,000 completely electric cars in June.
BYD’s plug-in hybrids led the growth, setting a new record with 210,799 sold in July, up 67% year over year and 8% from June. This is BYD’s fifth straight month of PHEV sales growth.
Through the first seven months of 2024, BYD has sold 1,955,366 NEVs, up 29% compared to last year (1,517,798).
Although BYD’s EV sales slipped in July, they are still up 14% through the first seven months of the year. BYD has sold 856,153 fully electric vehicles through July. That’s up from the 751,593 sold at this time last year.
Meanwhile, PHEV sales topped 1 million (1,091,791) through July, up 44% from the 757,673 sold at this time last year.
BYD also revealed that 30,014 vehicles were sold overseas, representing 11% growth from June.
After overtaking VW to become China’s top-selling car brand last year, BYD is quickly expanding in key overseas markets like Southeast Asia, Europe, and the Americas.
BYD is reportedly planning to enter Canada after meeting with dealers, a move that could drastically shake up the North American EV market.
Although BYD is best known for its low-cost models like the Dolphin, Atto 3, and Seagull, it’s expanding into new segments, including pickup trucks, luxury, and mid-size SUVs.
4th generation EV platform comes out this month, with additional production capacity recently coming online. I would expect BEV sales to accellerate 2H.
After briefly topping Tesla to become the top-selling global EV last year, Tesla took it back in Q1 and has held onto it through the first half of 2024. However, recent research from Bloomberg Intelligence suggests BYD will take back the crown and hold it through 2027. In 2028, Tesla is projected to make a comeback, with Volkswagen pulling it together for third.
With a slate of models rolling out, including its first pickup, a new Model Y-rivalling electric SUV, and a few luxury cars, BYD’s EV sales will likely pick back up in the second half of 2024 into 2025.
Meanwhile, after signing a landmark deal to put 100,000 EVs on the road and deploy autonomous tech through a new partnership with Uber, Tesla’s Elon Musk commented on X, saying, “BYD needs to change course fast or they’re in trouble.”