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BYD Breaks 300,000 Sales Milestone in June, Dominates China’s EV Market for Three Consecutive Months
On July 1st, BYD released its June sales figures, which once again surpassed the 300,000 mark, reaching approximately 341,700 units, marking a year-over-year growth of 30.02% and a slight increase of 2.97% compared to the previous month. With the launch of its Honor Edition models, BYD has now achieved monthly sales of over 300,000 units for four consecutive months. To date, BYD has been the top-selling new energy vehicle brand in China for three consecutive months.
In June, BYD’s sales of pure electric vehicles reached 145,200 units, while plug-in hybrid electric vehicles accounted for 195,000 units. Notably, BYD’s fifth-generation DM technology was officially launched on May 28th, with the Qin L and Seal 06 models equipped with this technology hitting the market simultaneously. Li Yunfei, General Manager of BYD Brand and Public Relations, recently stated in a live broadcast that the orders for the Qin L and Seal 06 models were very high, but he decided not to disclose the exact numbers for fear of causing a stir in the industry.
Additionally, BYD’s international strategy is progressing steadily. In June, BYD sold 27,000 new energy passenger vehicles overseas. Towards the end of the month, the first batch of mass-produced new energy vehicles, the Song PLUS DM-i Champion Edition, rolled off the production line at BYD’s Uzbekistan factory. The first phase of the factory plans to produce two plug-in hybrid electric vehicle models, with an annual production capacity of 50,000 units to meet the market demand in Central Asia.
Currently, BYD has entered multiple countries and regions such as Japan, Germany, Australia, Brazil, and the United Arab Emirates, with the first overseas passenger vehicle production base in Thailand already under construction. Brazil and Hungary are also planning to build major new energy vehicle manufacturing bases. BYD aims to achieve an overseas sales target of 500,000 units in 2024, with a goal of 1 million units in 2025, marking a trend of exponential growth in the next three years.
BYD believes that strategies such as expanding overseas operations will contribute to the company’s gross margin this year. Dongguan Securities previously stated in a research report that considering factors such as new vehicle launches, the gradual increase in sales of high-end models, and the contribution from overseas exports, it is expected that BYD’s export volume will reach 400,000 to 500,000 units in 2024, with a year-over-year growth of 67% to 110%.
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