BYD Continues to See Strong Growth in Electric Vehicle Sales
BYD, a leading Chinese electric vehicle manufacturer, reported impressive sales figures for the month of October. The company sold a total of 500,526 electric passenger vehicles, marking a significant 66% increase from the previous year’s sales of 301,095 units. Compared to the previous month, sales were up by 20% from 417,603 units.
Year-to-date sales for January to October totaled 3,236,927 electric cars, showing a substantial 36% growth compared to the same period last year. BYD has set an official target to deliver 3.6 million vehicles by 2024, although rumors circulated about a potential increase to 4 million units in September, which the company denied internally.
The sales data released by BYD includes new energy vehicles (NEVs), encompassing all-electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and hydrogen fuel cell electric vehicles (FCEVs). However, FCEV sales are minimal in China, and BYD does not sell any FCEVs. The company ceased sales of internal combustion engine (ICE) cars in April 2022.
In addition to passenger vehicles, BYD’s total NEV sales, including commercial vehicles, reached 502,657 units in October. Production figures for the same month stood at 536,134 units, with cumulative production for the year (January to October) reaching 3,283,439 units.
BYD also reported overseas sales of new energy passenger vehicles, with 31,192 units sold and 28,012 units exported. The company’s EV and energy storage battery installations for October amounted to approximately 21.018 GWh, contributing to a cumulative installed capacity of around 148.738 GWh for 2024.
Despite the overall growth in sales, the share of all-electric vehicles in BYD’s sales mix declined in October. All-electric passenger vehicle sales accounted for 37.9% of total sales, down from 39.5% in September. In contrast, PHEV sales increased to 62.1% share, up from 60.0% the previous month. This shift towards PHEVs has been evident since February when PHEV sales surpassed BEV sales in BYD’s lineup.
Sales vs Production Breakdown
Breaking down the sales and production figures for October, BYD sold a total of 502,657 vehicles, including:
- 500,526 passenger NEVs
- 189,614 passenger BEVs
- 310,912 passenger PHEVs
- 2,131 commercial NEVs
- 1,693 other vehicles
- 438 buses
On the production side, BYD manufactured 536,134 vehicles in October, including:
- 534,003 passenger NEVs
- 206,499 passenger BEVs
- 327,504 passenger PHEVs
- 2,131 commercial NEVs
- 1,693 other vehicles
- 438 buses
