BYD Global Plug-In Car Sales Hit Another Record In July 2024
The growth was driven by rising PHEV sales. EV sales, meanwhile, declined slightly.
BYD once again increased its global plug-in electric car sales, setting a new record in July, beating the previous one from June by a few hundred units.
BYD's passenger plug-in car sales amounted to 340,799 units last month, including over 12,600 EVs from its sub-brands. That's 30.5% more than a year ago.
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Now is the time for PHEVs
BYD had various periods in its history, including a balanced sales ratio between all-electric and plug-in hybrid cars, and the advantage of EVs over PHEVs. Since February, PHEVs have been in the majority and accelerating.
The most interesting thing is that the Chinese manufacturer is now highly focused on plug-in hybrids. With almost 211,000 sales in July, PHEVs accounted for 62% of the total volume and expanded by 67% year-over-year. That's really impressive because no one sells as many PHEVs as BYD.
At the same time, BYD's all-electric car sales decreased by 3.5% last month to 130,000 and the lowest overall share in over three years. BYD may not be able to catch Tesla as the world's best-selling EV brand if this trends continues.
BYD passenger plug-in car sales last month (YOY change):
- BEVs: 130,000 (down 4%)
- PHEVs: 210,799 (up 67%)
- Total: 340,799 (up 31%)
BYD also sold 1,584 commercial electric vehicles for a total of 342,383 plug-in vehicles last month.
BYD plug-in electric car sales – July 2024
BYD sold 30,014 of those plug-ins overseas (up 65% year-over-year), representing almost 9% of the total volume.
So far this year, BYD has sold over 1.9 million passenger plug-in electric cars, 29% more than last year.
BYD passenger plug-in car sales year-to-date (YOY change):
- BEVs: 856,153 (up 14%)
- PHEVs: 1,091,791 (up 44%)
- Total: 1,947,944 (up 29%)
For reference, in 2023, BYD sold over 3.0 million passenger plug-in electric cars, 62% more than in 2022. In 2023, BYD became the largest Chinese carmaker and car brand.
In 2024, the result is expected to be noticeably higher than in 2023. The company intends to achieve an average growth rate of over 20% so 3.6 million units. The past 12 months resulted in 3.45 million vehicle sales so that's probable.
Top Models
In July, the best-selling BYD nameplate was the Qin family with 73,541 units, ahead of the Song family (65,272). Both types consist primarily of plug-in hybrids.
The first all-electric nameplate is the BYD Yuan family with 40,952 units, followed by the tiny BYD Seagull (36,256), which in China starts at 69,800 CNY ($9,750).
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