Chinese automaker BYD reported record-breaking sales of new energy vehicles (NEVs) in December, reaching its annual target of 3 million units for the year 2023. The robust performance in year-end sales contributed to BYD's eighth consecutive month of record-breaking NEV sales.
In December alone, BYD sold 341,043 NEVs, marking a 45 percent increase year-on-year and a 12.96 percent rise from November. This remarkable achievement follows BYD's strategic shift in March 2022 when the company ceased production and sales of vehicles powered solely by internal combustion engines, emphasizing plug-in hybrids and pure electric vehicles.
BYD's NEV portfolio includes both passenger cars and commercial vehicles. In December, passenger NEVs accounted for 340,178 units, reflecting a 45 percent year-on-year increase and a 12.87 percent month-on-month rise. Commercial NEVs witnessed strong growth as well, with 865 units sold in December – a 44.41 percent increase year-on-year and a 64.76 percent increase from November.
Breaking down the passenger NEV category, battery electric vehicles (BEVs) experienced robust sales, reaching 190,754 units in December. This represents a 70.41 percent surge year-on-year and a 12.11 percent increase from November. Plug-in hybrid vehicles (PHEVs) in the passenger category saw sales of 149,424 units, marking a 21.82 percent increase year-on-year and a 13.87 percent increase from November.
BYD's overseas market performance also reached new heights, with a record 36,095 NEVs sold in December, signifying a remarkable 218.86 percent year-on-year increase and a 17.85 percent increase from November. The company, recognized as China's largest NEV manufacturer and the second-largest power battery maker, has steadily expanded its international presence.
Moreover, BYD's installed capacity of power and energy storage batteries witnessed a year-on-year increase of 59.13 percent in December, reaching approximately 17.746 GWh. For the full year of 2023, BYD achieved its target by selling 3,024,417 NEVs, reflecting a notable 62.3 percent year-on-year increase.
BYD's chairman and president, Wang Chuanfu, expressed the company's ambitious goal of selling at least 3 million vehicles in 2023, with an aspiration to reach 3.6 million. The comprehensive success across various segments positions BYD as a key player in the rapidly evolving electric vehicle market.