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BYD is the clear electric vehicle winner of the year so far. While Tesla’s sales have stagnated, BYD sales are up, up, up. We’ve been writing about its growth in various ways as big news comes out, but I decided to jump into BYD’s monthly sales reports to create some charts that visualize what’s been happening this year, and also this year compared to last year in the same time period.
Let’s start with new energy vehicles overall — that’s full electrics (BEVs) plus plugin hybrids (PHEVs). And note this article is only about passenger vehicles — I covered BYD buses and commercial vehicles here. As you can see in the charts above, BYD new energy vehicle (NEV) sales climbed steadily in the first 10 months of 2023, but started very poorly in the first two months of this year (it was a countrywide issue), then climbed slowly, and then shot up in sales in the past three months. We’ll see what happens to close out the year, but expectations are high.
Overall, BYD’s NEV sales in the first 10 months of the year are up 36.5% compared to the first 10 months of 2023.
Looking just at full electric vehicles (BEVs), it’s a similar trend. You don’t see the same increase in sales in the second half of the year that you see with NEVs overall, but there is significant improvement in October. Overall, in the first 10 months of 2024, BEV sales were up 12% compared to the same period in 2023.
Naturally, what that means is PHEV sales are up a lot this year. As you can see in this third chart, that’s obvious! While PHEV sales grew quite slowly in the first 10 months of 2023, after that blip during the Chinese New Year in January and February, PHEV sales shot up in 2024 and really soared in the past couple of months. PHEVs are having a rockin’ year.
Overall, BYD’s PHEV sales increased 62% in January–October of 2024 compared to January–October of 2023.
This final chart lets you see those three in one place and at one scale. We can see that PHEV sales have become a bigger portion of BYD sales, and have been the key driving force behind BYD’s rapid growth recently.
We’ll see how the year ends and what 2025 brings. Any predictions?
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