BYD sold 201,493 vehicles in January, down 40% from 341,043 in December. The number of vehicles exported reached a new all-time high of 36,174 units.
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BYD stopped producing ICE vehicles in April 2022 and focused only on new energy vehicles (NEVs). NEV is a Chinese term for BEV, PHEV and FCEV (hydrogen, but BYD does not produce hydrogen cars).
Of the approximately 200,000 BYDs sold in January, 105,304 were battery electric vehicles (BEVs) and 95,715 were plug-in hybrid vehicles (PHEVs). That translates into a ratio of 52% BEV versus 48% PHEV.
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BYD produced 205,588 vehicles, which is 4,095 more than it sold. This ratio differed a month ago when BYD sold thousands more cars than it produced, confirming that the company has eliminated most of its inventory in a huge year-end sales spree.
In January, BYD sold 33.14% more vehicles than a year earlier. However, the year-over-year (year-over-year) comparison does not hold due to seasonality, as the 2023 Chinese New Year fell on January 22, which affected that month’s sales data. The correct year-over-year comparison would be to wait until the end of February and compare January + February 2024 to the previous year.
BYD exported 36,174 vehicles, up 247.56% from 10,408 units in January last year. However, we must again take into account the seasonal variable. January was a record month in terms of exports. In 2023, BYD exported a total of 242,759 vehicles.
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BYD will have sold just over 3 million vehicles in 2023, reaching its annual target. But even this EV giant is feeling the pressure of a price war, as in early 2023 the company announced that 3 million vehicles sold is a bare minimum, and the optimistic target is 3.6 million EVs. The dealers did incredible things in December to fulfill BYD’s vision and sold everything they had in stock.
BYD returned the favor in January when it announced that, thanks to reaching its annual target, each dealer will receive a rebate of 666 yuan (USD 94) for every car sold, a total of 2 billion yuan.
In 2024, BYD will continue to expand into other markets, the latest of which is Rwanda, and also launch more products. About 100 models and equipment that BYD has for 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 the already unveiled U9 supercar), as well as more EVs under the main brand, such as the upcoming Sea Lion 07 or Yuan Up.
