BYD sets its sights on establishing new records

Recognized as one of the most prominent electric car brands in both China and the world, BYD now aims for a notably ambitious goal.

Chinese automotive giant BYD has broken its own record by selling an astonishing 261,105 passenger plug-in cars in July, including 11,146 from its luxury electric vehicle line, Denza. Despite marking an impressive 61% increase compared to the previous year, this growth rate represents BYD's slowest expansion since late 2020, prompting discussions about a possible plateau in the company's rapid ascent in the EV market.

The company is set to exceed 3 million units in PHEV sales this year, with the bulk of these sales taking place in China. International markets contribute only a marginal percentage to the total figures. However, with consecutive record-breaking sales, 251,685 units in June, followed by July's numbers, BYD has cemented itself as a key player in China's EV industry.

BYD sets its sights on establishing new records

A noteworthy trend in the market is the growing preference for battery electric vehicles (BEVs) over plug-in hybrid vehicles (PHEVs). BEVs recorded sales of 134,783 units, a remarkable 66% rise from the previous year, while PHEVs lagged slightly behind, with a 56% increase, totaling 126,322 units. The projections for 2023 suggest a potential sale exceeding 3 million units, spurred by the strong performances of the Song and Qin model families.

The BYD Dolphin model is rapidly gaining popularity, with 31,950 units sold, closely followed by the all-electric Yuan family. Additionally, BYD's all-electric microcar, Seagull, reached a personal milestone with 28,001 units sold.

As BYD approaches the remarkable achievement of selling 300,000 units per month, industry analysts are eagerly watching to see whether the next phase is consolidation or another acceleration. With more than 4.8 million plug-in units already sold, the company's journey forward is poised to be a game-changer in the automotive industry.