BYD Sets Target To Sell Up To 1.2 Million NEVs In 2022

The company would capture more than 20% of the New Energy Vehicle (NEV) market in China.

BYD Han

Mark Kane

By: Mark Kane

Jan 2, 2022 at 1:39pm ET

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BYD notes some unprecedented sales growth in the second half of 2021 with over 90,000 plug-in electric cars in November alone.

As far as we know, the target for 2021 is up to 600,000 units and it might be doable, as the car sales already exceeded 500,000 (up 231% year-over-year) and the overall New Energy Vehicle (NEV) sales exceeded 509,000.

BYD car sales breakdown:

BEVs: 272,493
PHEVs: 228,429
Total: 500,922 (509,838 including commercial electric vehicles)

1.2 million NEVs in 2022

We don't know the December 2021 result yet, but an interesting bit of info is the target for 2022, revealed at an investor conference call, according to Shenzhen Economic Daily (via CnEVPost).

The Chinese company expects to sell up to 1.1-1.2 million New Energy Vehicle (NEV):

BEVs: 600,000
PHEVs: 500,000-600,000

Those are amazing numbers (an average of up to 100,000 per month) and BYD would be one of only a few manufacturers able to produce and sell more than 1 million plug-ins in a single year.

At 1.2 million, BYD's market share in the NEV market in China would be at 20%, maybe more, depending on the overall sales.

According to a separate report, BYD notes tremendous demand for its plug-in hybrids right now. In November, there were some 200,000 orders on various models, which at the time meant 4 months of waiting.

"BYD Chairman and President Wang Chuanfu said on November 19 that the demand for BYD DM-i platform models exceeds supply, with orders on hand for up to 200,000 units, and that the delivery period for these models is now up to four months."

What do you think?

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We guess that BYD is doing whatever possible to ramp up the production of batteries and cars, and simultaneously is launching new models.

Another thing is that the company expands to new markets - including Europe, South America and Asia. However, for now, China remains responsible for almost the entire volume of BYD's sales.

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