BYD exceeds 1 million EV sales in 2024, after record-breaking August performance

China's electric vehicle powerhouse BYD has sailed past 1 million EV sales in 2024, following an exceptional August performance. This cements BYD's leading position in the EV market.

The company reported selling a staggering 373,082 new energy vehicles (NEVs) in August, including both plug-in hybrids (PHEVs) and all-electric vehicles. This remarkable figure eclipses BYD's previous record of 342,383 NEVs set in July, marking the third consecutive month of record-breaking NEV sales.

Plug-in hybrids played a significant role in this growth, with 222,384 units sold in August, a substantial 73% increase compared to August 2023. This marks the sixth month in a row of record PHEV sales for BYD. As of August 2024, BYD has sold over 1.3 million PHEVs, a 43% increase from the approximately 886,000 sold in the same period last year.

While PHEVs are driving much of the growth, BYD's all-electric vehicle sales also remain strong. The company sold 148,470 EVs last month, a modest 2% increase year-over-year but a notable 15% increase from July. This growth was sufficient to propel BYD past the 1 million EV sales milestone for 2024.

Through the first eight months of 2024, BYD has sold an impressive 1,004,623 EVs, representing a 12% increase compared to the 897,220 sold during the same period last year. The company's expansion into new markets is also bearing fruit, with overseas sales reaching 31,451 units in August, marking a 26% increase year-over-year and a 5% increase compared to July. As of August, the automaker has sold nearly 265,000 vehicles overseas.

The sales success can be attributed in part to new technologies that are enabling the production of more affordable and efficient models. For instance, BYD launched its DM 5.0 hybrid system in May, which has already been integrated into several new models. BYD claims that this new system reduces costs and improves fuel efficiency. Additionally, BYD unveiled its e-Platform 3.0 for EVs earlier this year, which boasts enhanced efficiency and charging capabilities. This new technology should further drive EV sales.

BYD's momentum is undeniable, having surpassed Honda and Nissan in the second quarter to become the seventh-largest automaker globally. With new, cost-effective, and efficient models on the horizon, BYD is heading for a strong finish to the year.

Via