BYD's New Energy Vehicle sales results are very worrying.

BYD was hard hit by a "perfect storm" in China, where the general shrinking automotive market, combined with the cut of EV subsidies and coronavirus, led to a really big and consistent sales drop.

In January, the well-known Chinese plug-in electric car manufacturer sold just 7,018 plug-ins, which is 75% less than a year ago. In 2019 sales exceeded 28,000. Plug-ins account for 28% of the total passenger car sales by the brand.

Hopefully, later this year, the situation will reverse as a prolonged decline on such a high scale might significantly affect BYD. In a similar shape are many other New Energy Vehicle manufacturers in China.

BYD's sales decline (year-over-year) accelerates every month since July 2019, when incentives were partially cut:

  • July: down 12%
  • August: down 23%
  • September: down 48%
  • October: down 54%
  • November: down 63%
  • December: down 71%
  • January 2020: down 75%

BYD plug-in electric car sales in China – January 2020

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BYD sales breakdown

PHEVs are going down quicker than BEVs but frankly, both types are struggling:

  • BEVs: 5,142 (down 68%)
  • PHEVs: 1,876 (down 84%)
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Models

  • Qin BEV – 1,932
  • Yuan BEV – 1,202
  • e2 - 1,028
  • Tang PHEV – 1,005
  • Song PHEV – 614
  • Song BEV – 502
  • Qin PHEV – 210
  • e3 - 178
  • e1 - 153
  • e5 – 103
  • Song MAX PHEV - 47
  • Tang BEV - 44

Also, the electric bus sales seek the bottom: