BYD reported a sharp rebound in new energy vehicle (NEV) sales in February, as demand recovered following the Chinese New Year holiday.
The automaker sold 322,846 NEVs last month, marking a 163.95% year-on-year increase and a 7.42% rise from January, according to company data.
See also: BYD to Expand In-Vehicle Drone System in Collaboration with DJI
China’s auto market typically experiences a slowdown at the start of the year, particularly in months affected by the Lunar New Year holiday, which fell between January 28 and February 4 this year.
BYD’s strong February performance brought its cumulative NEV sales for the first two months of 2024 to 623,384 units, up 92.52% from the same period in 2023.
See also: BYD Unveils Updated Atto 3 with New Design and Advanced Driver Assistance Features
Passenger NEV sales in February reached 318,233 units, up 161.39% year-on-year, while commercial NEVs saw an even steeper rise of 719.36%, with 4,613 units sold. Overseas sales hit a record high for the third consecutive month, with 67,025 NEVs sold, representing a 187.77% increase from a year earlier.
BYD, which stopped producing gasoline-only vehicles in 2022, continues to focus on plug-in hybrid and battery electric models. Its core BYD brand, encompassing the Dynasty and Ocean series, accounted for 304,673 NEVs in February, up 167.12% year-on-year.
See also: JPMorgan Raises BYD’s 2026 Sales Forecast to 6.5 Million Units, Expects 30% Growth in 2025
Meanwhile, premium sub-brand Denza sold 8,513 units, Fang Cheng Bao delivered 4,942, and luxury marque Yangwang sold 105 units.