BEIJING — Chinese EV giant BYD Co Ltd (OTCPK: BYDDY) (OTCPK: BYDDF), considered a rival to Tesla Inc (NASDAQ:TSLA) announced on Saturday that it has achieved a significant milestone in the electric vehicle industry by rolling out its 6 millionth new energy vehicle (NEV).
What Happened: BYD made the announcement merely three months after it announced that its NEV production has touched 5 million and a year after it announced the rollout of its 3 millionth NEV. Interestingly, BYD took 13 years to build the first one million new energy vehicles.
In China, the term NEV refers to electric-powered automobiles, encompassing battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
“BYD’s 6 Millionth NEV Rolls Off Production Line. We celebrate this milestone just three months after building our 5 millionth NEV. Since 2010, we’ve expanded our global presence with electric public transport solutions in over 400 cities across 70+ countries. Our rapid pace,” said BYD (@BYDCompany) on November 26, 2023, on X, formerly twitter account.
The 6 millionth vehicle was a BAO 5, a super hybrid hardcore SUV from BYD’s sub-brand Fangchengbao, which rolled off the production line in the Zhengzhou factory.
Why It Matters: Tesla Inc (NASDAQ:TSLA) said in September that it had rolled out its two-millionth vehicle from its giga-factory in China. The company is looking to make 1.8 million vehicles across the globe this year alone.
BYD’s increase accentuates China’s strengthening portfolio in renewable energy, bolstering scale as well as cost significance across much of the supply chain for electric vehicles, batteries alongside wind and solar energy.
“The performance looks impressive,” said Jeff Chung, an auto analyst with Citi, of BYD’s sales growth.
In October, BYD produced 307,014 new energy vehicles and sold 301,833 units, including 30,521 units overseas. These new energy vehicles include both passenger and commercial vehicles which are either fully electric or hybrid.
Nonetheless, Tu Le, managing director of advisory group Sino Auto Insights, noted that BYD, was “firing on all cylinders,” with various products extending on numerous vital EV market segments.
He also anticipated that BYD would soon dislodge foreign auto-producers on their strongholds, more so in the United States. “They’re going to make some really aggressive moves to go international,” he said.
The Shenzhen-based company announced that it stopped production of oil-fueled vehicles in April last year. It is backed by Warren Buffett‘s Berkshire Hathaway.
Produced in association with Benzinga
