BYD, a prominent Chinese automaker, has achieved a significant milestone by producing its 13 millionth new energy vehicle (NEV). This achievement comes just eight months after the company reached its 10 millionth NEV production milestone. The 13 millionth NEV produced by BYD is a U7 sedan from its ultra-luxury sub-brand Yangwang.
Founded in February 1995 with only around 20 employees, BYD has grown to become one of China’s largest automakers, with a workforce of nearly one million by the end of 2024. The company initially started in the battery business and later entered the automotive industry in 2003 by acquiring Qinchuan in Xi’an, Shaanxi province.
BYD made history on May 19, 2021, by becoming the first Chinese automaker to produce 1 million NEVs. Following the rapid growth in NEV sales, BYD discontinued the production and sale of vehicles powered solely by internal combustion engines in March 2022, focusing on plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
On August 9, 2023, BYD celebrated the production of its 5 millionth NEV, the N7 SUV from its premium sub-brand Denza. This achievement was followed by the production of the 10 millionth NEV on November 18, 2024, with the Z9 sedan from Denza.
With a strong emphasis on the premium segment, BYD has been expanding its offerings in the luxury market. The ultra-luxury sub-brand Yangwang was launched on January 5, 2023, targeting high-end consumers with vehicles priced at around RMB 1 million ($140,000). The U7 sedan, launched on March 27, offers both BEV and PHEV options with a starting price of RMB 628,000.
Despite challenges, Yangwang has seen growth in sales, with 205 vehicles sold in June. The U7 accounted for 132 units, while the higher-priced U8 and U9 models sold 64 and 9 units respectively. BYD is committed to expanding its presence in the luxury market and continues to innovate in the NEV sector.
In conclusion, BYD’s achievement of producing its 13 millionth NEV underscores its commitment to sustainable transportation and innovation in the automotive industry. The company’s focus on electric vehicles and luxury offerings positions it for continued success in the evolving market.
