BYD Global Car Sales – NEV And Fossil-Fueled Vehicles

Green tech. Pixabay image.

BYD, which stands for “Build Your Dreams,” is a Chinese multinational company headquartered in Shenzhen, Guangdong. It was founded in 1995 and has grown to become a global leader in several key industries, particularly in renewable energy solutions and electric vehicles (EVs).

BYD has expanded its operations globally, with a presence in over 50 countries. This article covers BYD’s global vehicle sales and the sales breakdown by category.

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Investors interested in BYD’s passenger and commercial vehicle sales may find more information on these pages: BYD’s passenger vehicle sales and BYD’s commercial vehicle sales.

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Definitions

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

New Energy Vehicle (NEV): BYD’s new energy vehicles (NEVs) refer to its range of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). Here are some key points about BYD’s NEVs:

1. Electric Vehicles (EVs): These are fully electric cars powered solely by electricity stored in batteries. Examples include the BYD Han, BYD Tang, and BYD Dolphin.

2. Plug-in Hybrid Electric Vehicles (PHEVs): These vehicles combine an internal combustion engine with an electric motor, allowing them to run on either fuel or electricity. Examples include the BYD Tang DM-i and BYD Song PHEV.

3. Innovation and Technology: BYD is known for its technological advancements, such as the e-Platform 3.0, which offers high performance, efficiency, safety, and smart features. The Blade Battery is another innovation, known for its safety and energy density.

4. Global Presence: BYD has expanded its market globally, with significant sales in countries like China, the United States, Europe, and Southeast Asia5. They have also set up production facilities in various regions to meet growing demand.

5. Sustainability: BYD’s NEVs are part of their commitment to sustainable transportation solutions, aiming to reduce carbon emissions and promote cleaner energy.

6. Sales Performance: BYD has achieved impressive sales figures, with record-breaking sales of over 500,000 NEVs in a single month. Their affordable pricing strategy has made EVs accessible to a broader audience.

BYD’s focus on innovation, sustainability, and global expansion has made it a leader in the new energy vehicle market.

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How Does BYD Expand Its Global Presence?

BYD has implemented a multi-faceted strategy to expand its global presence, focusing on innovation, strategic partnerships, and market penetration. Here are some key aspects of their global expansion:

1. Market Penetration: BYD has entered over 95 markets worldwide, including emerging markets and countries without a strong domestic auto industry. This allows them to establish a foothold in new regions and grow their customer base.

2. Local Manufacturing: To reduce costs and improve market responsiveness, BYD has set up assembly plants in several countries. This strategy helps them avoid import tariffs and better cater to local market preferences.

3. Strategic Partnerships: BYD collaborates with global top-tier partners to enhance its technological capabilities and market reach. These partnerships help BYD integrate advanced technologies and expand its product offerings.

4. Product Diversification: BYD offers a wide range of products, including electric vehicles, plug-in hybrids, buses, and monorails. This diversification allows them to cater to different market segments and needs.

5. Sustainability Initiatives: BYD’s commitment to sustainability and reducing carbon emissions resonates with environmentally conscious consumers and governments. This commitment helps them gain support and recognition in various markets.

6. Technological Innovation: BYD continues to invest in research and development to stay ahead of the competition. Innovations like the Blade Battery and e-Platform 3.0 have positioned BYD as a leader in the new energy vehicle market.

7. Global Sales Growth: BYD has seen significant growth in international sales, with exports increasing by 334.2% in 2023. Their global sales volume surpassed 3 million units, making them the global new energy vehicle sales champion.

8. Brand Recognition: BYD has built a strong brand presence through extensive marketing and participation in international auto shows and exhibitions. This helps raise awareness and build trust with consumers worldwide.

By leveraging these strategies, BYD continues to expand its global footprint and solidify its position as a leading player in the new energy vehicle market.

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Global Vehicle Sales

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BYD’s global vehicle sales reached 3 million units at the end of fiscal year 2023, which was over 50% growth from a year ago.

BYD sold 1.9 million vehicles in 2021 and 740 thousand vehicles in 2020. Prior to 2020, BYD’s global vehicle sales were less than 500 thousand vehicles annually.

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New Energy Vehicle And Fossil-Fueled Vehicle Sales

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BYD’s global vehicle sales are made up of two categories of vehicles: new energy vehicle and fossil-fueled vehicle. The definition of BYD’s new energy vehicle is available here: new energy vehicle.

Prior to 2020, BYD sold nearly an equal number of new energy and fossil-fueled vehicles. Howeve, BYD’s new energy vehicle sales have been dominating the company’s global deliveries since 2020, as depicted in the chart above.

As of the end of fiscal year 2023, BYD’s new energy vehicle deliveries reached over 3 million units, while the sales of fossil-fueled vehicle were completely down to zero during the same period.

In other words, BYD has completely phase out fossil-fueled vehicles in its vehicle lineup.

In fiscal year 2022, BYD’s new energy vehicle sales were 1.9 million units while it delivered 600 thousand new energy vehicles in 2021. Therefore, between 2021 and 2022, the growth of BYD’s sales of new energy vehicles were over 200% and over 50% in 2023.

On the other hand, BYD’s sales of fossil-fueled vehicle were 136 thousand units in 2021. The number was down to just 5 thousand units in 2022.

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Percentage Of New Energy Vehicle And Fossil-Fueled Vehicle Sales To Total Volume

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BYD’s global vehicle sales are made up of two categories of vehicles: new energy vehicle and fossil-fueled vehicle. The definition of BYD’s new energy vehicle is available here: new energy vehicle.

From the perspective of percentage, BYD’s new energy vehicle made up 100% of the company’s total sales volume in 2023, as fossil-fueled vehicles were completely phased out in the same period.

The sales percentages were 99.7% new energy vehicles to 0.3% fossil-fueled vehicles in 2022 as the sales of fossil-fueled vehicles were down to just 5 thousand units in the same year.

In fiscal year 2021, BYD’s fossil-fueled vehicles made up about 18% of the compant’s overall sale volume, while new energy vehicles represented the rest.

Before 2021, BYD’s new energy vehicles and fossil-fueled vehicles contribuTed an equal number of percentage to the overall sale volume.

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Growth Rates Of Global Vehicle, New Energy Vehicle, And Fossil-Fueled Vehicle Sales

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BYD’s global vehicle sales are made up of two categories of vehicles: new energy vehicle and fossil-fueled vehicle. The definition of BYD’s new energy vehicle is available here: new energy vehicle.

From the perspective of sales growth, BYD’s global car sales grew 57% in fiscal year 2023, and a staggering 160% in 2022 compared to 73% in 2021. On average, the growth of BYD’s global car sales has averaged 97% between 2021 and 2023.

BYD’s vehicle sales growth was driven primarily by the growth of new energy vehicle sales, as depicted in the chart above. As seen, the growth of BYD’s new energy vehicle sales came in at 58% in 2023, and a stunning 218% in fiscal years 2022 and 2021, respectively. On average, BYD’s new energy vehicle sales have achieved a growth rate of 165% between 2021 and 2023.

On the other hand, BYD’s fossil-fueled vehicle sales have come down to zero as of 2023, illustrating a complete phase-out of internal combustion engined cars by the company.

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Conclusion

BYD’s has prioritized new energy vehicles over fossil-fueled vehicles in the last several years. In fact, the company totally eliminated fossil-fueled vehicles in fiscal year 2023, with sales of internal combustion engine vehicles down to zero units.

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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 available in BYD Latest Announcement.

2. Pixabay images.

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Disclosure

References and examples such as tables, charts, and diagrams are constantly reviewed to avoid errors, but we cannot warrant the total correctness of all content.

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