China’s electric vehicle giant BYD has achieved a remarkable milestone in 2024, surpassing 1 million EV sales following a record-breaking performance in August. This solidifies BYD’s leading position in the global electric vehicle market.
Consecutive Record Sales: Third Month in a Row
In August, BYD reported sales of 373,082 new energy vehicles (NEVs), which include both plug-in hybrids (PHEVs) and all-electric vehicles. This impressive figure surpasses BYD’s previous record of 342,383 NEVs set in July, marking the third consecutive month of record sales for the company.
Plug-in hybrids played a significant role in this growth, with 222,384 units sold in August, representing a substantial 73% increase compared to August 2023. This marks the sixth consecutive month of record-breaking PHEV sales for BYD. As of August 2024, BYD has sold over 1.3 million PHEVs, a 43% increase from the approximately 886,000 sold during the same period last year.
Strong Electric Vehicle Sales
While PHEVs are driving much of the growth, BYD’s all-electric vehicle sales also remain robust. In August, the company sold 148,470 EVs, a modest 2% increase year-over-year but a notable 15% rise from July. This growth helped BYD cross the 1 million EV sales milestone for 2024.
In the first eight months of 2024, BYD sold an impressive 1,004,623 EVs, a 12% increase from the 897,220 sold in the same period last year. The company’s expansion into new markets is also paying off, with overseas sales reaching 31,451 units in August, marking a 26% year-over-year increase and a 5% rise compared to July. By the end of August, BYD’s overseas sales neared 265,000 vehicles.
New Technologies Driving Growth
BYD’s sales success can be attributed in part to new technologies that are enabling the production of more affordable and efficient models. For example, BYD launched its DM 5.0 hybrid system in May, which has already been integrated into several new models, reducing costs and improving fuel efficiency. Additionally, BYD unveiled its e-Platform 3.0 for EVs earlier this year, which offers enhanced efficiency and charging capabilities. These technologies are expected to further boost EV sales.
BYD’s momentum is undeniable. In the second quarter of 2024, the company surpassed both Honda and Nissan to become the world’s seventh-largest automaker. With new, cost-effective, and efficient models on the horizon, BYD is poised for a strong finish to the year.