BYD Electric Vehicle (EV) And Hybrid Car (PHEV) Sales

New energy vehicles. Pexels Image.

BYD has been making remarkable progress in the electric vehicle (EV) and hybrid car market. BYD sold over 3 million new energy vehicles (NEVs) in 2023, including both fully electric vehicles (BEVs) and plug-in hybrids (PHEVs). The results represent a 62% increase from the previous year.

BYD is expanding its reach in Europe, with assembly plants in Hungary and dealerships in Germany, Norway, and Sweden. BYD is the global leader in NEV sales for the second consecutive year and ranked among the top 10 global automakers.

This article explores the global sales volume of BYD’s battery electric vehicle (BEV) amd plug-in hybrid (PHEV). Let’s get started!

Investors interested in BYD’s sales statistics may find more information on these pages: BYD global sales and BYD NEV sales.

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Definitions

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

Battery Electric Vehicles (BEVs): BYD has an extensive range of BEVs, each designed to cater to different customer needs and preferences. Here are some of the standout models:

BYD Han EV: A premium sedan that boasts a sleek design, advanced technology, and impressive performance. It offers a high range on a single charge and comes equipped with BYD’s Blade Battery.

BYD Tang EV: A spacious and stylish SUV that provides a comfortable ride, powerful performance, and a range of cutting-edge features. It’s well-suited for families and adventure enthusiasts.

BYD Dolphin: A compact and affordable electric hatchback that is perfect for city driving. It’s known for its efficiency, practicality, and eco-friendliness.

BYD e6: An electric MPV that is widely used in taxi and ride-hailing services. It offers ample space, durability, and a long range, making it ideal for commercial use.

BYD Seagull: The BYD Seagull is a compact, fully battery-electric city car designed to be a practical and affordable option for urban driving. The starting price is around $9,700 (69,800 yuan) in China, making it one of the most affordable electric vehicles in the market.

BYD’s BEVs are generally considered affordable, especially when compared to other electric vehicles on the market. For example, the starting price for the Dolphin EV is around $13,900 and the starting price for the Qin Plus EV is around $15,200 (109,800 yuan).

Plug-In Hybrid Electric Vehicles (PHEVs): BYD’s Plug-In Hybrid Electric Vehicles (PHEVs) combine an internal combustion engine (ICE) with an electric motor, allowing them to run on both electricity and gasoline. Here are some popular BYD’s PHEV models:

BYD Qin Plus DM-i: A compact sedan that offers a balance of efficiency and performance. It features a 1.5-liter turbocharged engine combined with an electric motor, providing a combined range of over 1,000 kilometers (621 miles) on a full charge and a full tank of gas.

BYD Song Plus DM-i: A mid-size SUV that combines the benefits of an SUV with the efficiency of a PHEV. It offers a spacious interior and a long driving range.

BYD Tang DM-i: A larger SUV that provides ample space and power, making it suitable for families and long-distance travel.

BYD’s PHEVs are priced competitively, making them accessible to a wider range of consumers. For example, the base price for the BYD Qin L is around $13,775 (99,800 yuan).

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Passenger Vehicle Sales

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BYD’s BEV and PHEV sales fall under the passenger vehicle segment. BYD’s passenger vehicle segment is part of the larger new energy vehicle (NEV) segment, which also encompasses the commercial vehicle segment.

On a consolidated basis, BYD delivered 3 million passenger vehicles (BEV and PHEV combined) in fiscal year 2023, up 62% from 2022.

In fiscal year 2022, BYD sold nearly 1.9 million passenger vehicles, while the sales in 2021 was 600 thousand units. Before 2021, BYD distributed less than 500 thousand passenger vehicles per year.

Therefore, BYD’s sales of BEVs and PHEVs began to surge in 2021 and experienced significant growth in 2022. By 2023, BYD achieved a record-breaking sales figure of 3 million BEVs and PHEVs.

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Passenger Vehicle Sales As A Percentage Of The NEV Volume

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BYD’s sales of BEVs and PHEVs (passenger segment) make up almost the company’s entire NEV volume, as shown in the chart above.

In fiscal year 2023, BYD’s passenger vehicle segment contributed 99.6% of sales to the NEV segment, roughly in line with the ratio in 2022. The sales percentage has risen from 91.7% in 2018 to almost 100% in 2023, indicating the significant growth of BEVs and PHEVs (passenger vehicles) compared to commercial vehicles.

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BEV And PHEV Sales

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BYD’s passenger vehicle segment consists of two categories of vehicles: BEV and PHEV. The definitions of BYD’s BEV and PHEV are available here: battery electric vehicle (BEV) and plug-in hybrid.

BYD delivers nearly the same numbers of electric vehicles and hybrid cars, as shown in the chart above. For example, in fiscal year 2023, BYD delivered approximately 1.6 million battery electric vehicles, while hybrid vehicle sales totaled 1.4 million units during the same period.

In fiscal year 2022, BYD sold slightly more hybrid cars than battery electric vehicles, with hybrid car sales reaching 946 thousand units compared to 911 thousand units for battery electric vehicles.”

BYD distributed significantly fewer battery electric vehicles and hybrid cars in fiscal year 2021. Before 2021, BYD’s annual sales of battery electric vehicles and hybrid cars were even smaller, totaling fewer than 200 thousand units for each category.

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Percentage Of BEV And PHEV Sales To Total Passenger Vehicle Volume

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BYD’s passenger vehicle segment consists of two categories of vehicles: BEV and PHEV. The definitions of BYD’s BEV and PHEV are available here: battery electric vehicle (BEV) and plug-in hybrid.

From the perpective of percentage, BYD’s battery electric vehicles and plug-in hybrid cars contribute to nearly the same leve of sales within the passenger vehicle segment.

For example, in fiscal year 2023, BYD’s sales of battery electric vehicles made up 52.3% of the total volume within the passenger vehicle segment, while hybrid vehicles made up 47.7%.

In fiscal year 2022, the sales percentages were nearly equal, with hybrid vehicles accounting for a slightly higher share at 50.9%, while battery electric vehicles made up 49.1%.

Before 2022, BYD’s battery electric vehicles constituted a significant portion of sales in the passenger vehicle segment. For example, in fiscal year 2020, BYD’s sales of battery electric vehicles accounted for 73% of the total volume, while hybrid vehicles made up just 27%.

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Growth Rates Of BEV And PHEV Sales

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BYD’s passenger vehicle segment consists of two categories of vehicles: BEV and PHEV. The definitions of BYD’s BEV and PHEV are available here: battery electric vehicle (BEV) and plug-in hybrid.

BYD has experienced significant sales growth in hybrid car. On average, BYD’s sales of plug-in hybrid vehicles in the last three years has grown by 255% annually. In fiscal year 2023, BYD’s hybrid car sales climbed 52% from a year ago.

On the other hand, the average annual growth rate of BYD’s battery electric vehicles between fiscal year 2021 and 2023 was measured at 134%. In fiscal year 2023, BYD’s sales of battery electric vehicles grew 73% year-over-year.

Over the past three years, BYD’s combined sales of BEVs and PHEVs have grown at an average annual rate of 169%. The annual growth rate for passenger vehicle was 62% in fiscal year 2023.

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Conclusion

BYD sold over 3 million BEVs and PHEVs in 2023, about 62% higher than 2022. BYD’s sales of BEVs and PHEVs were nearly equal in fiscal year 2023, with battery electric vehicles totaling slightly higher at 1.58 million units, while plug-in hybrid vehicles contributing 1.4 million units.

However, BYD’s hybrid vehicle sales have grown much faster over the last three years, with the average annual growth rate reaching 255% between 2021 and 2023. On the other hand, BYD’s battery electric vehicle sales have grown at an average annual growth rate of 134% in the same period.

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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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