BYD, China’s largest new energy vehicle (NEV) manufacturer, reported record sales of 502,657 NEVs in October, marking the first time the company has exceeded the 500,000 mark in a single month. This represents a 66.5% increase compared to 301,833 units in the same period last year and a 19.8% rise from September’s 419,426 units, according to data released by BYD on Wednesday.
The company’s October sales milestone reflects continued strong demand for its plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) across domestic and international markets. “Our focus on NEVs has enabled us to drive sustainable growth month after month,” a BYD spokesperson said, following its decision to fully transition away from combustion engine production in March 2022.
In the breakdown of October’s numbers, BYD recorded 500,526 passenger NEV sales, a 66.2% rise year-on-year, while its commercial NEV sales hit 2,131 units, up 188.8% from October last year. Among passenger NEVs, BEV sales reached 189,614 units, showing a 14.6% increase from a year prior, while PHEVs rose to 310,912 units, marking a 129.3% growth year-over-year and an eighth consecutive record since March.
BYD’s global expansion also made gains, with 31,192 units sold in overseas markets last month, though down slightly by 5.5% from September. This figure includes 28,012 units exported from China, as BYD reported export data for the first time.
Additionally, BYD’s installed power and energy storage battery capacity reached 21.018 GWh in October, up 37.5% year-on-year. This growth has been crucial in sustaining the company’s expansive NEV production amid increased demand for electric solutions. In the year-to-date, BYD has sold 3.25 million NEVs, a rise of 36.5% from the same period in 2023.
