On January 1, 2025, BYD released the latest production and sales data. BYD’s BYD sold about 514,800 new energy vehicles (NEVs) in December 2024, showing a 50.95% of year-on-year increase. In 2024, BYD manufactured a total of about 4.3041 million NEVs, up to 41.34% compared to that of 2023. Over the year, BYD achieved total sales of about 4.2721 million units of NEVs, gaining 41.26% from 3.0244 million units in 2023, exceeding its sales target.
Furthermore, BYD secured it titles as the highest sales among carmakers dealing in the Chinese market, the best-selling car brand in China, and the champion of global sales in the NEV market.
Looking back on 2024, thanks to its many years of efforts and competitive edge in electrification, BYD launched a new generation of technologies that were integrated into new models, propelling the company’s sales growth.
In terms of monthly sales for the year, fewer than 300,000 units were sold in both January and February 2024, affected by such factors as the Spring Festival holiday. However, from March onward, monthly sales consistently exceeded 300,000 units.
It is noteworthy that BYD in May 2024 unveiled successively its latest achievements in electrification, namely, the e-platform 3.0 Evo and the fifth generation of DM technology, which were gradually incorporated into such new models as New Song Pro DM-i, Sealion 05 DM-i, Seal 07 DM-i, Song L DM-i and New Song PLUS DM-i.
These new models have further enriched BYD’s product line and contributed to a constant rise in sales. Following the launching of the fifth generation of DM technology, BYD continued to chalk up new sales record. Monthly sales edged up from 310,000 units in April 2024 to 330,000 units in May before starting to skyrocket, which surpassed 400,000 units and 500,000 units over time, and peaked at 514,800 units in December.
In addition, BYD has worked hard on the innovation of intelligent technology and started tapping into the upscale market. BYD launched in February 2024 its pure electric supercar model Yangwang U9 priced at more than RMB1 million, followed by Z9GT, a new model of its high-end brand Tengshi, in August and Bao 8 of Fangchengbao (“Formula Leopard”), developed in collaboration with Huawei, in November.
BYD has a rich reserve of new products that will support its upscale advancement Dynasty and ocean-themed brands have many high-end models that sell for more than RMB200,000. Han L and Tang L models, which are more expensive than Han and Tang series, are expected to be launched in the first quarter of 2025, thus pushing up the average price of BYD’s basic models. The first Xia MPV model under the dynasty series, which is to be priced at about RMB300,000 and provided with the DM-i 5.0 system and the Di-Link150 intelligent cockpit system in terms of power and application of intelligent technology, is expected to be launched in the first quarter of 2025.
The large Tengshi SUV N9 model is also expected to be launched in the first quarter of 2025. Equipped with the “Yisanfang” technology, it can support rear-wheel steering, and integrate plug-in hybrid and pure electric dual-power options, with a projected price above RMB400,000.
Accelerating Overseas Expansion
While launching new technologies and products, BYD continues its efforts to explore markets, particularly the overseas market.
On January 15, 2024, the first massive shipment after the New Year was handled in the Xiaomo International Logistics Port in the Shenzhen Shenshan Special Cooperation Zone. About 4,000 NEVs were loaded onto BYD’s first ro/ro ship “EXPLORER NO. 1” to head for Vlissingen Port in the Netherlands and Bremerhaven Port in Germany. It marked a milestone for Xiaomo Port to transport goods directly to Europe by ro/ro ship, and sounded a clarion call for Chinese NEV makers to branch out into the shipping sector to transport homemade vehicles themselves.
After rolling off the assembly line in Shenshan BYD Auto Industrial Park, NEVs can arrive at the Xiaomo International Logistics Port after a five minutes’ drive for sales at home and abroad. The factory and the port can foster a synergy and see well-coordinated development. BYD’s Auto Industrial Park in Shenshan is the company’s sole manufacturing base to integrate manufacturing and port transportation.
Statistics show that BYD in 2024 sold about a total of 414,700 units overseas, surging about 71% year on year.
The growth in overseas sales is attributable to BYD’s efforts to launch new models and promote localization in the overseas market. In January 2024, BYD signed a preliminary agreement with the municipal government of Szeged in Hungary to purchase land for its first new energy passenger vehicle factory in Europe.
In July 2024, BYD held a ceremony to celebrate the completion of its factory in Thailand and the eight millionth NEV rolling off the assembly line. The Thailand-based factory has an annual production capacity of 150,000 units, comprising plants for the four processes of automobile manufacturing and auto parts. The project took only 16 months from start-up to production.
BYD has announced plans to locate factories in Brazil, Hungary and Thailand among other countries. It is reported that BYD’s operations have spanned more than 400 cities in 88 countries and regions across the globe. Over the past two years, BYD has launched in the European market eight models such as Han, Tang, Yuan Plus, Dolphin and Seal, composing a wide range of offerings. Furthermore, it works hard to seek a presence in Africa and South America. Sales in overseas markets are expected to sustain its high profitability.
From 2024 to 2025, BYD is entering a phase of intensive production at overseas factories. To facilitate sustained growth in overseas sales, the Company plans to localize production in Central Asia, Southeast Asia, Latin America and Europe.
BYD Moving Faster to Build the Megafactory
In November 2024, China’s annual output of NEVs surpassed 10 million units for the first time, marking a new milestone in the automobile industry. 2024 was a bumper year for BYD in both production and sales. Ceremonies to celebrate the nine millionth and the ten millionth NEV rolling off the assembly line in 2024 were both held in the Shenshan BYD Auto Industrial Park, which is on track to become BYD’s megafactory. A combined total of more than 210,000 units of vehicles were manufactured from January to November 2024 in the second phase of the Shenshan BYD Auto Industrial Park, where the new supercar model Yangwang U9, the luxury vehicle Yangwang U7 priced at more than RMB1 million, Z9GT and Z9, two D-level intelligent luxury Tengshi models, and BYD Han, a role model for medium- and large-sized vehicles rolled off the assembly line.
BYD has so far spent more than RMB31.5 billion on building the four phases of the Shenshan BYD Auto Industrial Park, which can generate an annual output value of more than RMB220 billion when fully operational. The second phase known as a manufacturing base for NEVs and core parts is the top priority.
The west plot of the second phase of the Shenshan BYD Auto Industrial Park has gone into double-shift production, with a daily production capacity of 1,300 units. The Yangwang U9 plant, inspection workshop and warehouse of finished vehicles in the east plot of the second phase have been put into operation.
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