China’s BYD reported a rebound in new energy vehicle (NEV) sales in March as the country’s auto market emerged from the seasonal slowdown at the start of the year.
The company sold 377,420 NEVs in March, marking a 24.78% increase from a year earlier and a 16.90% rise from February, according to data released Today.
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BYD ceased production and sales of internal combustion engine-only vehicles in March 2022 and has since focused on plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
Passenger NEV sales reached 371,419 units in March, up 23.14% year-on-year and 16.71% month-on-month. Commercial NEV sales stood at 6,001 units, surging 624.76% from a year earlier and rising 30.09% from February.
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Among passenger NEVs, BEV sales totaled 166,109 units, reflecting an 18.73% year-on-year increase and a 32.99% jump from the previous month. Sales of passenger PHEVs reached 205,310 units, growing 26.95% year-on-year and 6.20% month-on-month.
BYD also saw record overseas sales of 72,723 vehicles in March, representing an 89.22% increase from a year earlier and an 8.50% rise from February.
The company, also China’s second-largest power battery manufacturer, reported an installed capacity of power batteries and energy storage batteries at 20.347 GWh in March, up 72.99% year-on-year and 21.87% from February.
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For the first quarter of 2024, BYD sold 1,000,804 NEVs, an increase of 59.81% year-on-year, though down 34.34% from the fourth quarter of 2023. Passenger NEV sales reached 986,098 units, up 57.93% from a year earlier but 34.87% lower than the prior quarter.
Commercial NEV sales for the quarter totaled 14,706 units, soaring 688.53% year-on-year and 42.76% quarter-on-quarter.
BYD’s first-quarter BEV sales reached 416,388 units, up 38.74% from a year ago but down 30.07% from the fourth quarter of 2023. Passenger PHEV sales hit 569,710 units, rising 75.68% year-on-year but declining 37.98% quarter-on-quarter.
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Overseas NEV sales surged 110.51% year-on-year to 206,084 units in the first quarter, up 72.71% from the previous quarter.
The company reported a total installed capacity of power batteries and energy storage batteries at 52.553 GWh for the first quarter, increasing 76.73% year-on-year but down 21.55% quarter-on-quarter.