BYD Sells 300,538 NEVs in January, Up 49.16% Year-on-Year Despite Seasonal Slowdown

Credit: BYD

BYD reported a drop in vehicle sales in January, reflecting a seasonal slowdown seen across China’s auto market. The company sold 300,538 new energy vehicles (NEVs) last month, a 49.16% increase from 201,493 units a year earlier but a 41.62% decline from December’s 514,809 units, according to company data.

China’s auto market is traditionally cyclical, with sales dipping at the start of the year, particularly around the Chinese New Year holiday, and peaking towards year-end. This year’s holiday falls between January 28 and February 4. “Most other EV makers saw a dip in January deliveries,” BYD noted in its report.

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The company, which ceased production of purely internal combustion engine vehicles in March 2022, now focuses solely on plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). Passenger NEV sales accounted for 296,446 units in January, rising 47.47% year-on-year but down 41.81% from December. Commercial NEVs reached 4,092 units, marking a 763.29% annual increase but a 23.78% month-on-month decline.

BYD sold 125,377 passenger BEVs in January, up 19.06% from the previous year but down 39.65% from December. PHEV sales stood at 171,069 units, reflecting a 78.73% year-on-year rise while registering a 43.30% drop from December, marking the third straight month of sequential decline.

See also: BYD UK Sales Jump 658% to 8,700 Vehicles in 2024 Amid Retail Expansion

Credit: BYD

Despite the overall slowdown, overseas markets remained a strong performer. BYD delivered a record 66,336 passenger NEVs outside China in January, an 83.38% increase year-on-year and a 16.07% rise from December.

BYD, also China’s second-largest power battery maker, reported 15.511 GWh of power and energy storage battery installations in January, up 37.16% from a year earlier but down 33.98% from December.

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