BYD sold a record 342,000 new energy vehicles in July, but EV sales slipped

China’s biggest car maker, BYD, recorded more than 342,000 new energy vehicles (NEVs) sales in July following a 30% annual growth, thus breaking its previous sales record of 341,658 NEVs sales in June. However, fully electric product sales were slightly lower than in August, while BYD PHEV sales grew for the fifth month in a row with record levels.

July sales were also impressive, though the numbers reflected a 10% drop from June to 145,179 and 130,000 of fully electric vehicles. But BYD’s PHEVs rose, with 210799 cars sold last month Only one of the bigger names among the manufacturers of plug-in hybrid electric vehicles, BYD, experienced rather a remarkable growth, selling 210799 units last month. This sounds a 67% higher than in July from the previous year, as well as 8% above June's totals.

Over the first seven months of 2024, BYD has sold a total of 1,955,366 NEVs, up 29% from 1,517,798 during the same period last year. Fully electric vehicle sales for the year reached 856,153 units, a 14% increase from the 751,593 sold in 2023. PHEV sales surpassed 1 million, totaling 1,091,791 units, reflecting a 44% rise compared to last year's 757,673.

Also Read:M&M to introduce 7 battery electric vehicles by 2030

Internationally, BYD sold 30,014 vehicles in July with the business growing by 11% over the number sold in June. The company has increased its operations in the major regional markets such a South East Asian region, Europe, and the American region. According to the recent news, BYD plans to expand its business in Canada, which would be a potential threat to established players in the North American EV market.

In the last year, BYD edged out Tesla for the leading EV brand by sales but Tesla recaptured the position in the first quarter of the year and held it through the first half of 2024. Nevertheless, according to Bloomberg Intelligence, BYD may retake the crown in through 2027, while Tesla is expected to be the leader in 2028 and Volkswagen.

BYD targets a more robust second half of 2024, with additional new models such as the first pickup, an electric SUV to rival Tesla’s Model Y, and other luxury vehicles. With this expansion, it is believed to increase its sales size. At the same time, Tesla Chairman Elon Musk has attacked BYD on Twitter, stating that the company needs to change quickly or it will run into problems.