BYD said on Monday it has produced its 13 millionth new energy vehicle (NEV), marking another milestone in the Chinese automaker’s rapid expansion in the electric vehicle sector. The company announced the achievement on its official Weibo account, identifying the milestone vehicle as a Yangwang U7 sedan.
The announcement comes approximately eight months after BYD reached its 10 million NEV production mark in November 2024, with the Z9 sedan from its Denza brand. BYD reached its 1 millionth NEV milestone in May 2021 and passed the 5 million mark in August 2023.
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Founded in 1995 as a battery manufacturer with 20 employees, BYD entered the automotive industry in 2003 by acquiring Qinchuan Automobile. As of the end of 2024, the company employed 968,872 people, according to its disclosures.
In March 2022, BYD ceased production of internal combustion engine-only vehicles, shifting entirely to battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The company’s focus has increasingly expanded from the mass market to include the premium and ultra-luxury segments.
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Yangwang, launched in January 2023, is BYD’s highest-end sub-brand, targeting vehicles priced around RMB 1 million ($140,000). The U7 sedan, which comes in BEV and PHEV variants, was unveiled in March 2024 with a starting price of RMB 628,000. Deliveries began in June.
Yangwang sold 205 units in June, up 47.5% month-on-month, but down nearly 51% year-on-year. The U7 accounted for 132 of those units, while the brand’s U8 and U9 models sold 64 and 9 vehicles, respectively.