BYD bounced back in March with a strong performance in plug-in electric car sales, marking its second-best result ever after a weak February.
Last month, BYD sold a total of 301,631 passenger plug-in cars, including nearly 15,000 EVs from its sub-brands. This represents a 46% increase compared to the same time last year, indicating continued growth for BYD in the coming months.
BYD will not surpass Tesla in Q1 2024
While BYD remains the world’s largest plug-in electric car manufacturer, it is unlikely to surpass Tesla in the all-electric car segment anytime soon. This feat was achieved only once, in Q4 2023.
In March, BYD’s all-electric car sales reached 139,902 units, a 36% year-over-year increase. Additionally, plug-in hybrid sales surged by 56% YoY to 161,729 units.
Breakdown of BYD’s passenger plug-in car sales last month (YOY change):
- BEVs: 139,902 (up 36%)
- PHEVs: 161,729 (up 56%)
- Total: 301,631 (up 46%)
Moreover, BYD also delivered 828 commercial electric vehicles, totaling 302,459 plug-in vehicles in March. Of these, 38,434 BYD plug-ins were exported, setting a new monthly record.
Year-to-date, BYD has sold over 624,000 passenger plug-in electric cars, a 14% increase from last year. The company aims for an average growth rate exceeding 20% in 2024.
BYD’s all-electric car sales in Q1 crossed the 300,000 mark, but it still lags behind Tesla’s expected 400,000 sales.
Year-to-date breakdown of BYD’s passenger plug-in car sales (YOY change):
- BEVs: 300,114 (up 13%)
- PHEVs: 324,284 (up 14%)
- Total: 624,398 (up 14%)
In 2023, BYD sold over 3.0 million passenger plug-in electric cars, a 62% increase from the previous year, solidifying its position as the largest Chinese carmaker and brand.
Notably, BYD’s exports more than doubled in Q1, accounting for almost 100,000 units or roughly 15% of the total volume.
The best-selling BYD model in March was the Song family with 78,490 units sold, marking a 94% increase in sales compared to the previous year.
Second in line was the BYD Qin sedan, selling 40,569 units (BEV + PHEV), nearly matching last year’s figures.
The entry-level all-electric BYD Seagull ranked third with 34,830 sales, surpassing the all-electric BYD Yuan family (32,806). However, the Yuan family is set to receive reinforcements with the affordable Yuan Up model.