BYD's push away from battery-powered electric vehicles (or BEVs) continued in July as it sold more plug-in hybrid electric vehicles (PHEVs).
This is becoming a global trend, but it is more prevalent with BYD because it offers the largest range of plug-in hybrid vehicles with chargeable batteries, compared to the more traditional hybrids preferred by the likes of Toyota and its regenerative technology that doesn't need charging.
The surge comes as BYD continues to introduce new models with its latest plug-in hybrid technology, which offers much larger range targets between charges, thereby attempting to address the range anxiety many BEV buyers have. However, there are signs that BYD's sales of BEVs in China are stalling in 2024 as consumer demand eases or they are more attracted to the plug-ins and their more comforting technology.
The continuing surge in sales of PHEV hybrids saw BYD sell 342,383 NEVs (New Energy Vehicles – BEVs and PHEVs) in July, just topping its previous high in June. July's total was up 30.6% from 262,161 in the same month of 2023 and up 0.21% from 341,658 in June.
BYD's NEVs include passenger cars as well as commercial vehicles, with passenger NEVs selling 340,799 units in July, up 30.52% year-on-year and up 0.17% from June. BYD sold 130,000 units of passenger BEVs in July, down 3.55% from a year ago and down 10.46% from June. It said it sold 210,799 passenger PHEVs in July, its fifth consecutive record high since March. That's up 66.87% year-on-year and up 8.08% from June.
July also saw another big month for exports—30,014 vehicles were shipped overseas, up 65.2% year-on-year and up 11.2% from June.
Looking at BYD's sales performance from January to July, the company sold 1,955,366 NEVs, up 28.83% year-on-year. Sales of passenger NEVs were 1,947,944 units in January-July, up 29.07% year-on-year. A total of 7,422 commercial NEVs were sold in the first seven months, down 13.01% year-on-year.
Of its passenger sales, BYD sold 856,153 BEVs in January-July, up 13.9% year-on-year, but sales of its PHEV hybrids jumped 44% to 1,091,791 units in the seven months. And total exports were up 152% to 233,418 units in January-July—so that part of the China EV boom is still alive.
