BYD Commercial Vehicle Sales – Buses And Others

Cruising on highway. Pexels Image.

BYD is known for its innovations in electric vehicles (EVs), particularly through its subsidiary BYD Auto, which has become one of the world’s largest manufacturers of plug-in electric vehicles. The company also produces rechargeable batteries, forklifts, solar panels, semiconductors, and rail transit systems.

This article presents BYD’s commercial vehicle sales volume. For your information, BYD’s commercial vehicle segment falls under the company’s new energy vehicle (NEV) segment which also encompasses the passenger vehicle segment.

Let’s get into the details!

Investors interested in BYD’s other sales statistics may find more resources on these pages: BYD global sales, BYD NEV sales, and BYD EV and PHEV sales.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Commercial Vehicle Segment: BYD’s commercial segment focuses on the production and sale of commercial vehicles and public transportation solutions. This segment includes a wide range of vehicles designed for various market needs, such as:

• Buses and coaches: Electric buses and coaches for public transportation and tourism.
• Taxis: Electric taxis for urban transportation.
• Logistics vehicles: Electric trucks and vans for goods transportation and logistics.
• Construction vehicles: Electric vehicles used in construction sites.
• Sanitation vehicles: Electric vehicles for waste management and sanitation services.
• Specialized vehicles: Vehicles for warehousing, port operations, airport services, and mining operations.

BYD’s commercial segment is part of its broader strategy to promote energy-saving, emission reduction, and sustainable urban development. The company aims to transform road traffic from fossil fuels to electricity, contributing to cleaner and greener cities.

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Commercial Vehicle Sales

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BYD’s commercial vehicle segment falls under the larger new energy vehicle (NEV) segment. BYD’s NEV segment also encompasses the passenger vehicle segment. The definition of BYD’s commercial vehicle segment is available here: commercial vehicle segment.

BYD delivered 12,000 commercial vehicles in fiscal year 2023, up significantly from 6,000 units in fiscal year 2022. BYD’s commercial vehicle sales have averaged around 9,000 units annually over the last three years.

Since fiscal year 2018, BYD’s commercial vehicle sales have remained relatively steady, averaging around 10,000 units per year. However, in fiscal year 2018, the company shipped a notably higher volume of commercial vehicles, totaling 21,000 units.

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Commercial Vehicle Sales As A Percentage Of The NEV Volume

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BYD’s commercial vehicle segment falls under the larger new energy vehicle (NEV) segment. BYD’s NEV segment also encompasses the passenger vehicle segment. The definition of BYD’s commercial vehicle segment is available here: commercial vehicle segment.

BYD’s 12,000 units of commercial vehicle sales in fiscal year 2023 made up only 0.4% of the company’s total NEV volume. This ratio has significantly decreased since fiscal year 2018.

In fiscal year 2018, BYD’s commercial vehicle sales made up 8.3% of the company’s total NEV volume. This ratio decreased to 5.6% in 2020 and 1.7% a year later.

The declining sales contribution of BYD’s commercial vehicle segment highlights the substantial growth of the passenger vehicle segment, which accounted for nearly 100% of the total NEV volume as of 2023.

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Bus And Other Commercial Vehicle Sales

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BYD’s commercial vehicle sales consist of buses and other commercial vehicles. The definition of BYD’s commercial vehicle segment is available here: commercial vehicle segment.

In fiscal year 2023, BYD sold 5,000 buses and delivered 7,000 other commercial vehicles. The average sales of BYD’s buses were 5,000 units per year between fiscal year 2021 and 2023. On the other hand, BYD sold 4,000 units other commercial vehicles per year on average during the same period.

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Percentage Of Bus And Other Commercial Vehicle Sales

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BYD’s commercial vehicle sales consist of buses and other commercial vehicles. The definition of BYD’s commercial vehicle segment is available here: commercial vehicle segment.

Before 2023, BYD’s buses contributed significantly more to overall sales. In fiscal year 2023, the contribution ratio for buses dropped to 41%, compared to 80% in 2022. In contrast, BYD’s other commercial vehicles contributed 59% of sales in fiscal year 2023, a substantial increase from 20% in 2022.

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Growth Rates Of Bus And Other Commercial Vehicle Sales

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BYD’s commercial vehicle sales consist of buses and other commercial vehicles. The definition of BYD’s commercial vehicle segment is available here: commercial vehicle segment.

BYD’s total commercial vehicle sales grew 88% in fiscal year 2023 versus a decrease of 39% a year ago. The average annual growth rate of BYD’s total commercial vehicle sales was 15% between 2021 and 2023.

Conversely, BYD’s sales of buses were 3.4% lower in fiscal year 2023. BYD has experienced three consecutive years of declining bus sales since 2021, as shown in the chart above. The average annual growth rate of BYD’s bus sales has been -19% since 2021, illustrating the company’s difficulties in increasing bus sales.

BYD’s sales of other commercial vehicles were up by a staggering 447% in fiscal year 2023 compared to a decrease of 71% a year ago. The average annual growth rate of BYD’s other commercial vehicle sales were 186% between fiscal year 2021 and 2023.

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Conclusion

BYD sold 12,000 commercial vehicles in 2023, representing 0.4% of the total NEV volume. Of these, 5,000 units were buses and 7,000 units were other commercial vehicles.

BYD’s bus sales have been declining since fiscal year 2021, with an average annual growth rate of -19% over the past three years. On the other hand, BYD’s other commercial vehicle sales have registered an average annual growth rate of 186% since 2021.

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References and Credits

1. All financial figures presented in this article were obtained and referenced from BYD’s monthly production and sales reports which are available in BYD Latest Announcement.

2. Pexels Images.

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Disclosure

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