BYD’s monthly sales exceed 400,000 for the first time

CHINESE automaker BYD set a new record for monthly deliveries by selling more than 400,000 vehicles for the first time in September.

According to BYD’s statement on Tuesday, October 1, passenger vehicle sales amounted to 417,603 units last month; of these, 164,956 were battery electric cars and 252,647 were plug-in hybrid models.

This is up 46 percent compared to September 2023, indicating strong growth as BYD dominates its domestic market and increasingly exports abroad. More than 33,000 of September deliveries were sold abroad.

So far this year, BYD’s vehicle sales total 2.75 million units. With exactly three months left, the automaker looks very close to its annual target of four million units, considering that the Golden Week holiday in China has just begun and the Christmas season will start after that.

Beijing’s recent announcement of a series of economic stimulus measures aimed at increasing disposable income could also contribute to a strong result for BYD, currently China’s best-selling car brand.

BYD last month raised its 2024 annual sales target from 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied that it had increased its annual target.

Sales of electric and hybrid vehicles more broadly in China are also on the rise with a newly increased government rebate of 20,000 yuan (S$3,668) for eligible traded models.

Zhejiang Geely Holding Group’s September sales increased to 201,949 units from 166,955 units in the previous year. Year-to-date vehicle sales are now up 32 percent to 1.49 million units.

But the power of larger automakers somewhat undermines smaller players.

Great Wall Motor’s September sales were 108,398 units, down 11 percent year on year, including 30,129 new energy cars. BLOOMBERG