BYD, a leading Chinese new energy vehicle (NEV) maker, is on track to achieve a milestone sales target of 4.25 million units by the end of 2024. This projection was shared by the company’s chief scientist, Lian Yubo, who also indicated that sales for the current month are expected to reach around 500,000 units.
In a recent speech at a wealth management forum hosted by Caijing Magazine, Lian highlighted BYD’s impressive sales performance. The company reported selling over 506,000 NEVs in November, marking the second consecutive month of sales exceeding 500,000 units. Cumulatively, BYD’s sales for the January-November period totaled approximately 3.76 million units, representing a significant year-on-year growth of 40.02%.
Lian also revealed that BYD has surpassed a significant milestone, with cumulative NEV sales surpassing 10 million units to date. This achievement underscores BYD’s strong presence in the electric vehicle market, with one out of every three electric vehicles in China being a BYD model.
Furthermore, Lian discussed the advancements in smart driving technology within the industry. He highlighted the increasing adoption of L2+ smart driving systems on a large scale, with domestic companies introducing features such as Navigate on Autopilot (NOA) for highway and city road usage. Several Chinese cities, including Beijing, Shanghai, and Chongqing, have issued licenses for L3 smart driving tests, with BYD securing the industry’s first L3 license.
Despite the remarkable growth and achievements in the NEV sector, Lian acknowledged the challenges that the industry faces. He emphasized the importance of enhancing the industry’s overall ability to withstand risks and the necessity for advancements in crucial areas such as chips, industrial software, and materials.
BYD’s rapid ascent in the NEV market aligns with the industry’s growth trajectory in China. The company set a new record by selling 3.02 million vehicles in 2023, marking a substantial increase of approximately 210% from the previous year. To support its expanding production capacity, BYD added nearly 200,000 units between August and October, with all production sites operating at full capacity.
In conclusion, BYD’s ambitious sales targets and technological advancements position the company as a key player in the global NEV market. With a strong focus on innovation and growth, BYD continues to drive the evolution of electric mobility and smart driving solutions.
