BYD has been on a rapid expansion spree in recent months, with a significant increase in production capacity and a surge in hiring. According to He Zhiqi, executive vice president of the company, BYD boosted its factory capacity by nearly 200,000 units in the August-October period and hired almost 200,000 new employees. This move comes in response to the growing demand for BYD’s new energy vehicles (NEVs), with all production sites now operating at full capacity.
The monthly sales figures reflect this capacity increase, with BYD’s sales rising from around 370,000 units in August to 500,000 units in October. This growth trajectory has been unprecedented, requiring immense efforts from various teams such as production and procurement.
The company’s October sales figures were particularly impressive, surpassing the 500,000 mark for the first time and marking the fifth consecutive month of record highs. In the January-October period, BYD sold a total of 3,250,532 NEVs, representing a 36.49 percent year-on-year increase.
If sales for the remaining two months of 2024 remain consistent with October’s levels, BYD is on track to achieve full-year sales of around 4.3 million vehicles, a significant 42 percent increase from the previous year’s figure.
BYD made a strategic shift in March 2022 by discontinuing the production and sales of internal combustion engine vehicles and focusing solely on plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) models. While BEVs and PHEVs used to contribute equally to monthly sales, the trend shifted in the second half of last year, with PHEV sales outpacing BEVs, a trend that has continued into this year.
In the January-October period, BYD sold 1,877,734 passenger PHEVs, marking a substantial 62.23 percent year-on-year increase. In contrast, BEVs sold 1,359,193 units during the same period, reflecting a more modest 11.97 percent year-on-year growth.
This shift is also evident in the overall NEV sales landscape in China, with retail sales of passenger NEVs in the country increasing by 39.02 percent year-on-year in the January-September period. BEVs accounted for 4.13 million units, up 17.79 percent year-on-year, while PHEVs, including extended-range electric vehicle (EREV) models, saw a substantial 78.11 percent year-on-year growth with 3 million units sold.
Overall, BYD’s aggressive expansion and strategic focus on NEVs have positioned the company as a key player in China’s rapidly growing electric vehicle market. With strong sales figures and a robust production capacity, BYD is poised for continued success in the coming years.
