BYD sold 201,493 vehicles in January, down 40% from 341,043 in December. The number of exported vehicles reached a new all-time high with 36,174 units.
BYD ceased the production of ICE vehicles in April 2022, focusing only on new energy vehicles (NEVs). NEV is a Chinese term for BEV, PHEV, and FCEV (hydrogen, but BYD doesn’t produce hydrogen cars).
Of about 200k BYD sold in January, 105,304 were battery electric vehicles (BEV), and 95,715 were plug-in hybrid vehicles (PHEVs). That translates to a 52% BEV vs 48% PHEV ratio.
BYD produced 205,588 vehicles, which is 4,095 more than it sold. This ratio differed a month ago as BYD sold thousands more cars than it produced, confirming the company eliminated most of its inventory in a massive end-of-year sales push.
In January, BYD sold 33.14% more vehicles than a year before. However, the year-on-year (YoY) comparison doesn’t hold due to seasonality, as the Chinese New Year in 2023 fell on January 22, influencing the sales data of that month. The proper YoY comparison would be to wait until the end of February and compare January + February 2024 with the previous year.
BYD exported 36,174 vehicles, up 247.56% from 10,408 units in January last year. However, we need to take into account the seasonality variable again. January was a record month in terms of exports. In 2023, BYD exported a total of 242,759 vehicles.
BYD sold slightly over 3 million vehicles in 2023, reaching its annual target. However, even this EV behemoth is feeling the pressure of a price war as in early 2023, the company announced that 3 million sold vehicles an absolute minimum, and the optimistic goal is 3.6 million EVs. The dealers did unbelievable things in December to fulfill BYD’s vision and sold all they had in stock.
BYD returned the favor in January when it announced that, thanks to reaching its annual target, every dealer will receive a 666 yuan (94 USD) rebate for each car sold, totaling 2 billion yuan.
In 2024, BYD will continue expanding to other markets, Rwanda being its latest, and also launch more products. About 100 models and trims BYD has on sale is not enough for the company. It will launch two new EVs under the Fang Cheng Bao brand (Bao 3 and Bao 7 SUVs), two new EVs under the YangWang brand (U6 sedan and already unveiled U9 supercar), and also more EVs under its main brand, such as the upcoming Sea Lion 07 or Yuan Up.
Here is the model sales breakdown:
Subbrands:
- Denza – 9,068
- Fang Cheng Bao – 5,203
- YangWang – 1,652
Models:
- Seagull – 33,447
- Dolphin – 18,905
- Han – 11,101
- Seal – 8,347
- Tang 5,211
Series:
- Song – 59,514
- Qin – 21,767
- Yuan – 18,071
- Atto 3 belongs to Yuan family
ITS UP BY LOT TO JAN 2023 THAT IS ALL THAT MATTERS
Tesla Model 2 will be released in just over a year and pre-orders will already be out before that.
If Byd doesn’t hurry up and technically update its eplatform 3.0, it’s destined to go badly in Europe
Model 2 is vaporware. By the time Tesla comes out with Model 2, a phletora of EVs will be introduced by late 2025. Competition is not standing still.
Why post that BYD is down, when they are up 33% YoY? Li, Aito, Zeekr… all have up YoY headlines, even though some (e.g., Li) are down MoM.
The headlines should be consistent.