Chinese new energy vehicle (NEV) manufacturer BYD is on track to reach 4.25 million units in sales by the end of 2024, with an estimated 500,000 units expected to be sold in December. This forecast was shared by Lian Yubo, BYD’s chief scientist, during a speech at a wealth management forum organized by Caijing Magazine today.
In November, BYD sold 506,804 NEVs, marking its second consecutive month with sales exceeding 500,000 units. As of November, the company’s cumulative sales reached approximately 3.76 million units, reflecting a year-on-year increase of 40.02%. Lian also noted that BYD’s total NEV sales have surpassed 10 million units.
Lian highlighted that BYD has a significant presence in the Chinese market, with one in every three electric vehicles sold domestically being a BYD. Globally, the company accounts for one in every five electric vehicles. In 2023, BYD became the top-selling NEV manufacturer worldwide, surpassing foreign competitors.
Regarding smart driving technology, Lian noted that the industrialization of smart driving is progressing, with L2+ smart driving features being increasingly deployed. Several cities in China, including Beijing, Shanghai, and Chongqing, have issued L3 smart driving test licenses, and BYD has obtained the first L3 license in the industry. Lian acknowledged challenges in the NEV industry, including the need for improvements in the supply chain and advancements in chips, industrial software, and materials. Despite these challenges, BYD continues to expand alongside the growth of China’s NEV sector.
