BYD became the world's first automaker to roll out its seven millionth plug-in electric vehicle, just about four months after it celebrated the six millionth unit. Sales have been couned since 2008.
About half of that number are all-electric vehicles and another half are plug-in hybrid vehicles. Through the end of February 2024, BYD sold about 3.5 million all-electric cars. In China, plug-ins are part of the New Energy Vehicle (NEV) category, together with hydrogen vehicles.
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BYD is the world's largest plug-in car manufacturer
In 2023, BYD increased its passenger plug-in electric car sales by 62% year-over-year to over 3 million units (including 1.57 million all-electric cars). Exports from China exceeded 240,000 (up 337% year-over-year).
The 7 millionth car was an all-electric Denza N7 from BYD's Denza brand, which offers a few models: the D9 MPV, N7 SUV, and N8 SUV. The Denza N7 is one of the Tesla Model Y's competitors. On April 1, 2024, the company will launch its updated version. The Denza N7 is produced at BYD's Jinan factory in China.
The vast majority of BYD's plug-in electric car sales are models from BYD brand, while Denza, Fang Cheng Bao and Yangwang are only a small part of the overall business.
Here are previous BYD's milestones:
- 1995: BYD battery company founded (initially NiMH batteries)
- 2003: BYD Auto founded
- 2008: Introduction of the first NEV
- 2021 May: 1 million NEVs after 13 years
- 2022 Nov: 3 million NEVs (18 months after the first million)
- 2023 Aug: 5 million NEVs (9 months after the third million)
- 2023 Nov 24: 6 million NEVs (just over three months after the fifth million)
- 2024 March 25: 7 million NEVs (just four months after the 6th million)
BYD is one of the fastest-growing plug-in car companies in the world. In the past quarters, it sold all-electric cars at a rate similar to Tesla. In Q4, BYD sold more EVs than Tesla for the very first time, although considering the recent slowdown in China, Tesla might win in Q1 2024.
If we compare BYD with Tesla, it will turn out that the all-electric car sales increase at a similar rate. Tesla exceeded 5 million in late 2023 and is currently approaching six million EV sales (compared to about 3.5 million BYD). When including plug-in hybrids, BYD is at 7 million units.
In terms of cumulative plug-in car sales, BYD appears to be at a point where Toyota's hybrids were about a decade ago. The company sold its seven millionth hybrid in mid-2014 after almost 18 years since 1997 when the first Prius was launched. For BYD, 0-7 million took some 16 years (between 2008 and 2024).
