In the first half of 2022, BYD sold 641,350 new energy vehicles (NEVs), a year-on-year increase of 314.9%, seizing the crown from Tesla to become the first in global sales of NEVs. BYD’s cumulative production volume was 647,914 NEVs, a year-on-year increase of 312.18%. NEV is a general Chinese term that includes EVs, PHEVs, and hydrogen vehicles (FCEVs).
On the other hand, Tesla sold 564,000 EVs in the first half of 2022, a year-on-year increase of 46% from 386,200 vehicles in the first half of 2021, according to Tesla’s production and delivery report for the second quarter of 2022. Tesla CEO Elon Musk said in an interview with Bloomberg that the biggest headwind to Tesla’s growth is supply constraints, not competitors. “The supply chain disruption in the past two years is absolutely a nightmare, one thing after another, and we are not out of the woods yet.”
An annual sales target of 1.1-1.2 million NEVs
BYD revealed in the investor conference call that its NEV annual sales target in 2022 is between 1.1-1.2 million vehicles, with ~600,000 EVs and ~500,000-600,000 PHEVs. Earlier, Citibank also raised BYD’s 2022 NEV sales forecast to 1.3 million.
In June alone, BYD sold 134,036 NEVs, a year-on-year increase of 224%; and produced 134,771 NEVs, a year-on-year increase of 216.7%.
In the first half of the year, BYD’s factory production capacity across China continued to expand. BYD’s monthly sales performance has also increased from about 90,000 at the end of last year to over 100,000 in the past four months.
On June 30, BYD’s first car rolled off the production line at its new factory in Hefei – BYD’s sixth vehicle manufacturing plant in China. Currently, the model produced at this base is the Qin Plus DM-i. It is expected that this base will further support BYD’s production capacity in the second half of the year.
In terms of model performance, the BYD Han family sold 25,439 units in June, with cumulative sales exceeding 250,000 units.
The BYD Tang family sold 8,134 vehicles in June, with a cumulative sales of more than 340,000 vehicles.
The BYD Song family sold 32,077 units in June, with a cumulative sales of more than 1.21 million units.
The BYD Qin family sold 26,623 vehicles in June, with a cumulative sales of more than 650,000 vehicles.
The BYD Yuan family sold 19,731 units in June, with a cumulative sales of more than 300,000 units.
The BYD Dolphin sold 10,376 units in June, with a cumulative sales of more than 80,000 units, a month-on-month increase of 61.4%.
In the first half of 2022, BYD’s NEV sales are ahead of the other automakers in China by a significant amount. If the supply chain situation continues to improve, we can probably expect BYD to crown the global EV sales leader title at the end of 2022.