China’s leading electric car maker, BYD, achieved a new year-to-date EV sales record last week in its home country, signaling strong momentum that is expected to continue with the rollout of new EVs in key segments globally.
Recent data from Morgan Stanley, reported by Investing.com, indicates that electric vehicles surpassed their gas-powered counterparts last week, rebounding from a recent holiday lull in China. Domestic brands, including BYD, Li Auto, and NIO, saw significant week-over-week (WOW) sales improvements, with BYD leading the pack with a 30% increase to 69,500 registrations.
BYD’s impressive sales performance extends beyond the recent week, with 101,300 registrations in China through May 12. Globally, BYD sold 300,114 EVs in the first three months of the year, marking a 13.4% year-over-year increase. In April alone, BYD sold 134,465 EVs, up 17% from April 2023. Overall, BYD sold 434,579 electric cars in the first four months of 2024.
Other domestic EV manufacturers also experienced notable sales growth, with Li Auto’s sales climbing 50% WOW to approximately 8,000 units, and NIO seeing a 23% improvement with sales reaching 4,400 units, driven by new promotional efforts.
NIO introduced its first mass-market electric SUV, the L60, under its Onvo brand, priced at $30,500 (219,900 yuan), aiming to compete directly with Tesla’s Model Y.
In contrast, Tesla faced a decline in sales in China, with a reported 11% decrease last week, selling around 9,800 units. In April, Tesla sold 31,421 cars in China, nearly 50% lower than the 62,398 units sold in March.
BYD entered the competition with Tesla’s Model Y by launching its Sea Lion 07 electric SUV, priced at $26,250 (189,900 yuan), making it the first EV based on the new e-Platform 3.0 Evo. The SUV, designed by former Lamborghini and Audi designer Wolfgang Egger, offers three powertrain options, including two single-motor variants and one dual-motor all-wheel-drive option, with ranges of up to 610 km (379 mi) on a single charge.
BYD’s aggressive expansion includes the introduction of lower-cost “Honor Edition” versions of its popular EVs, such as the Seagull EV Honor Edition starting at just $9,700 (69,800 yuan). Additionally, BYD plans to launch a new electric car, the Seal, which is expected to compete with the Tesla Model 3 and is set to debut in June.
BYD’s foray into new segments, including luxury vehicles under its Yangwang brand, reflects the company’s strategic growth initiatives. Most recently, BYD introduced its first plug-in hybrid electric pickup, the BYD Shark, in Mexico, priced at 969,800 pesos ($58,100) to rival the Toyota Hilux and Ford Ranger.
