BYD reports record sales

Company News

by Glenn Dyer

BYD, the world's biggest maker of electrified vehicles, has revealed record sales for June and the second quarter. However, this growth occurred at a slowing pace, suggesting that China's electrified vehicle market is losing momentum.

Simultaneously, the company reported another surge in sales of plug-in hybrid vehicles (P-HEVs), which grew faster than BEVs both in June and for the entire quarter.

The company reported selling 341,658 NEVs (BEVs and P-HEVs) in June, just surpassing the previous record of 341,043 vehicles set in December.

BYD disclosed these sales records in a filing with the Hong Kong Stock Exchange.

While June's performance marked a 35% increase from the 253,046 vehicles sold in June 2023, it was only 2.97% higher than May's sales of 331,817 units.

This small month-on-month gain was driven primarily by higher sales of commercial vehicles; its commercial NEVs totaled 1,447 units in June, up 6.3% from a year ago and 8.8% from May.

BYD's NEVs include both passenger cars and commercial vehicles, with passenger NEVs selling 340,211 units in June, up 35.2% year-on-year and 2.94% from May.

BYD reported that it increased BEV sales in June by 13.25% compared to June last year, totaling 145,179 units, but this was a decrease of 0.83% from May.

In contrast, sales of P-HEVs surged by 58% from June last year and 5.9% from May this year, totaling 195,032 units. This marks the fourth consecutive month in which P-HEVs have outsold BEVs, confirming BYD's strategic shift this year.

Although June exports of 26,995 vehicles were up 156% from a year earlier, they declined significantly by 28% from May.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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