BYD is not slowing down and set a new plug-in electric car sales record in June, beating its previous highest result in December 2023.
BYD's passenger plug-in car sales amounted to 340,211 units last month, including over 15,000 EVs from its sub-brands. That's 35% more than a year ago when the previous monthly record was 340,178.
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BYD's PHEV sales expand quickly
BYD currently grows mostly thanks to its vast lineup of plug-in hybrid models. The growth of all-electric car sales slowed down, and it's not certain whether BYD will be able to beat Tesla in this segment in Q2.
BYD's all-electric car sales in June amounted to 145,179, a bit less than in May. Year-over-year growth was also relatively slow at 13%, indicating that increasing EV sales is not easy.
The company's main area of growth is plug-in hybrids. Last month, the Chinese manufacturer sold 195,032 PHEVs, 58% more than a year ago. Plug-in hybrid sales set the fourth consecutive record, which tells us a lot about the current market.
BYD passenger plug-in car sales last month (YOY change):
- BEVs: 145,179 (up 13%)
- PHEVs: 195,032 (up 58%)
- Total: 340,211 (up 35%)
BYD also sold 1,447 commercial electric vehicles for a total of 341,658 plug-in vehicles last month.
BYD plug-in electric car sales – June 2024
Out of the total number, BYD sold 26,995 plug-ins overseas (up 156% year-over-year), which is almost 8% of the total volume.
The second quarter of 2024 was a record one for BYD. The company sold 982,747 passenger plug-in electric cars, 40% more than a year ago. No other company sells more rechargeable cars than BYD.
However, it's not clear whether BYD will be able to beat Tesla in terms of all-electric car sales. The Chinese company increased EV sales by 21% year-over-year to 426,039, but it might not be enough to beat Tesla. Tesla's numbers are expected to be released on July 2, 2024.
BYD passenger plug-in car sales In Q2'2024 (YOY change):
- BEVs: 426,039 (up 21%)
- PHEVs: 556,708 (up 60%)
- Total: 982,747 (up 40%)
So far this year, BYD has sold over 1.6 million passenger plug-in electric cars, 29% more than last year.
BYD passenger plug-in car sales year-to-date (YOY change):
- BEVs: 726,153 (up 18%)
- PHEVs: 880,992 (up 40%)
- Total: 1,607,145 (up 29%)
For reference, in 2023, BYD sold over 3.0 million passenger plug-in electric cars, 62% more than in 2022. In 2023, BYD became the largest Chinese carmaker and car brand.
In 2024, the result is expected to be noticeably higher than in 2023. The company intends to achieve an average growth rate of over 20%.
Top Models
The Song family, which consists primarily of plug-in hybrids, remains the top nameplate in BYD's lineup, with 70,219 units last month (up almost 66% year-over-year).
Next was the BYD Qin sedan, with 68,450 units (BEV + PHEV), up 55% year over year. It was followed by the all-electric BYD Yuan family (36,222) and BYD Seagull (36,066).
