BYD NEV Sales Breakdown – Passenger And Commercial Vehicles

Automotive factory. Pexels Image.

BYD has been making significant strides in the new energy vehicle (NEV) market over the last several years. BYD is now among the top 10 global automakers, with global sales reaching over 3 million units in 2023.

BYD has been expanding its presence in key overseas markets, including Thailand, Turkey, Hungary, and Mexico. The Seagull, one of the company’s affordable car models, is priced under $10,000.

This article explores the sales volume of BYD’s new energy vehicle (NEV). Let’s get started!

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

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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 automobiles that are powered by electric energy, either fully or predominantly. This category includes several types of vehicles:

1. Battery Electric Vehicles (BEVs): These vehicles are powered entirely by electricity stored in batteries and do not use any internal combustion engines.

2. Plug-in Hybrid Electric Vehicles (PHEVs): These vehicles combine an internal combustion engine with an electric motor, which can be charged from an external power source.

3. Fuel Cell Electric Vehicles (FCEVs): These vehicles generate electricity through a chemical reaction between hydrogen and oxygen, producing only water vapor as a byproduct.

BYD is a leading manufacturer of NEVs, known for its innovation in battery technology, electric motors, and electronic controls. The company has a diverse product portfolio, including electric buses, trucks, vans, and passenger cars.

Passenger Vehicle: BYD’s passenger vehicles encompass a diverse range of electric and hybrid models designed to cater to various market segments. Here are some key highlights:

Electric Vehicles (EVs):

BYD Seal: A sleek sedan known for its performance and range3. It features advanced battery technology and a luxurious interior.

BYD Dolphin: A compact and stylish EV, perfect for urban driving.

BYD M6: A spacious 7-seater SUV with a long range and premium features.

BYD Seagull: The BYD Seagull is a 5-door hatchback and affordable electric vehicle designed to cater to urban drivers.

Plug-in Hybrid Electric Vehicles (PHEVs):

BYD Seal DM-i: Combines an internal combustion engine with an electric motor, offering flexibility and efficiency.

Commercial Vehicle: BYD’s commercial vehicles include a range of electric trucks and vans designed to meet the needs of various industries. Here are some key highlights:

Electric Trucks:

ETP3: A versatile electric truck suitable for logistics and construction.

ETM6: A powerful electric truck designed for demanding operational requirements.

ETH8: A robust electric truck for vocational sectors such as sanitation, warehousing, and airports.

Electric Vans:

BYD T3: A compact electric van ideal for urban delivery and logistics. It features a spacious cargo area and efficient battery technology2.

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New Energy Vehicle (NEV) Sales

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The definition of BYD’s new energy vehicle is available here: New Energy Vehicle (NEV).

BYD delivered slightly over 3 million new energy vehicles in fiscal year 2023, about 62% higher than 2022. In fiscal year 2022, BYD sold 1.9 million new energy vehicles, while the sales of NEVs in 2021 was 604 thousand units.

Between fiscal year 2018 and 2020, BYD’s sales of new energy vehicles were dramatically small, which was less than 500 thousand vehicles per year.

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NEV Sales As A Percentage Of Global Volume

byd-total-sales-of-nev-in-percentage

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The definition of BYD’s new energy vehicle is available here: New Energy Vehicle (NEV).

With respect to the global volume, BYD’s new energy vehicle sales in fiscal year 2023 represented 100% of the automaker’s worldwide volume. In other words, BYD delivered only new energy vehicles in fiscal year 2023, while fossil-fueled vehicles were entirely eliminated within the company in the same year.

In fiscal year 2022, BYD’s sales of NEVs already made up nearly 100% of its global vehicle sales. However, BYD’s NEV sales formed only 82% of its total volume in fiscal year 2021.

Between fiscal year 2018 and 2020, BYD’s sales of new energy vehicles made up around 40% of the total vehicle volume. The rest was mde up by fossil-fueled vehicles. BYD has completely phased out fossil-fueled vehicles since 2022.

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Passenger Vehicle And Commercial Vehicle Sales

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BYD’s new energy vehicle sales are made up of two categories of vehicles: passenger vehicle and commercial vehicle. The definitions of BYD’s passenger and commercial vehicles are available here: passenger vehicle and commercial vehicle.

BYD’s passenger vehicles make up the majority of the sales of the automaker’s NEVs, as shown in the chart above. For example, in fiscal year 2023, BYD’s sales of passenger vehicles totaled over 3 million units while sales of commercial vehicle came in at just 12,000 units. BYD’s passenger vehicle volume of 3 million units in 2023 was 62% higher than the 1.9 million units in 2022.

In fiscal year 2021, BYD delivered only 594,000 passenger vehicles, and fewer than 500 thousand passenger vehicles annually prior to 2021.

BYD’s sales of commercial vehicles have been considerably small, as depicted in the chart above. On average, BYD delivered just 9,000 commercial vehicles between fiscal year 2021 and 2023, while the sales of passenger vehicles were 1.8 million units on average during the same period.

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Percentage Of Passenger Vehicle And Commercial Vehicle Sales To Total NEV Volume

byd-nev-sales-breakdown-in-percentage

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BYD’s new energy vehicle sales are made up of two categories of vehicles: passenger vehicle and commercial vehicle. The definitions of BYD’s passenger and commercial vehicles are available here: passenger vehicle and commercial vehicle.

BYD’s sales percentage of passenger vehicles with respect to the total NEV volume has risen from 91.7% in 2018 to nearly 100% as of 2023, as depicted in the chart above.

On the other hand, BYD’s sales percentage of commercial vehicles has dipped from 8.3% in 2018 to just 0.4% as of 2023.

Between fiscal year 2021 and 2023, BYD’s sales of new energy vehicles (NEVs) had been almost represented by passenger vehicles.

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Growth Rates Of NEV, Passenger Vehicle, And Commercial Vehicle Sales

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BYD’s new energy vehicle sales are made up of two categories of vehicles: passenger vehicle and commercial vehicle. The definitions of BYD’s NEV, passenger and commercial vehicles are available here: NEV, passenger vehicle, and commercial vehicle.

The growth of BYD’s new energy vehicle sales comes almost entirely from passenger vehicles, as shown in the chart above.

On average, BYD’s sales of passenger vehicles have grown by 169% on average between fiscal year 2021 and 2023, while the average growth rate of commercial vehicles was just 14.5% during the same period.

On a consolidated basis, BYD’s total NEV sales have grown by 163% on average between fiscal year 2021 and 2023.

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Conclusion

BYD sold over 3 million NEVs in 2023, about 60% higher than 2022. BYD’s sales of new energy vehicles in 2023 already made up 100% of the company’s overall volume, with fossil-fueled vehicles contributing 0% of sales in the same year.

Within the BYD’s NEV lineup, passenger vehicles make up the majority of the sales, contributing to 99.6% of the total NEV volume in 2023.

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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. Pexels Images.

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Disclosure

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