BYD Achieves Milestone: 7 Million Plug-In Vehicles Manufactured

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BYD Achieves Milestone: 7 Million Plug-In Vehicles Manufactured

BYD has made history as the first car manufacturer globally to produce seven million plug-in electric vehicles, reaching this milestone just four months after celebrating the production of its six millionth vehicle. This achievement marks a significant growth in sales since 2008.

The production figures are evenly split between all-electric vehicles and plug-in hybrids, with approximately 3.5 million of each type sold by the end of February 2024. In China, these plug-in models are classified under the New Energy Vehicle (NEV) category, which also includes hydrogen-powered vehicles.

The landmark seven millionth vehicle is an all-electric Denza N7, part of BYD’s Denza lineup that includes the D9 MPV and N8 SUV, in addition to the N7 SUV. The Denza N7 competes directly with the Tesla Model Y and is slated for an updated release on April 1, 2024. Production of the Denza N7 takes place at BYD’s facility in Jinan, China.

Although the majority of BYD’s plug-in electric vehicle sales come from its main brand, other brands under BYD such as Denza, Fang Cheng Bao, and Yangwang, contribute a smaller share to the company’s overall sales figures.

BYD’s journey from its inception to becoming a leader in the electric vehicle (EV) market is marked by several key milestones:

  • 1995: The foundation of BYD as a battery company, initially focusing on Nickel-Metal Hydride (NiMH) batteries.
  • 2003: Establishment of BYD Auto, marking the company’s entry into the automotive industry.
  • 2008: Launch of BYD’s first New Energy Vehicle (NEV), signifying the start of its venture into electric mobility.
  • 2021 May: Achievement of 1 million NEVs produced, a milestone reached 13 years after the introduction of its first NEV.
  • 2022 November: Production of 3 million NEVs, achieved just 18 months following the first million.
  • 2023 August: Surpassing the production of 5 million NEVs, only nine months after hitting the third million.
  • 2023 November 24: Reaching 6 million NEVs, a feat accomplished a little over three months following the fifth million.
  • 2024 March 25: Milestone of 7 million NEVs, achieved merely four months after the production of the 6th million.

BYD is rapidly ascending as a leading contender in the plug-in electric vehicle market, showcasing growth rates comparable to those of Tesla, especially in the sale of all-electric vehicles. During the fourth quarter, BYD even surpassed Tesla in EV sales for the first time. However, due to a recent slowdown in China’s market, Tesla might regain the lead in the first quarter of 2024.

When examining the growth trajectories of both BYD and Tesla, it’s evident that their rates of increase in all-electric car sales are quite parallel. By late 2023, Tesla had crossed the 5 million mark in EV sales and was on the verge of reaching 6 million, juxtaposing BYD’s approximately 3.5 million all-electric vehicle sales. Yet, when factoring in plug-in hybrids, BYD’s total jumps to 7 million units.

Drawing a comparison with the automotive giant Toyota and its hybrid vehicles, BYD’s progress mirrors a significant historical milestone. Toyota celebrated the sale of its seven millionth hybrid vehicle in mid-2014, nearly 18 years after the debut of the first Prius in 1997. In contrast, BYD achieved the 0 to 7 million plug-in vehicle milestone within a span of about 16 years, from 2008 to 2024, indicating a rapid ascendancy in the plug-in car market reminiscent of Toyota’s hybrid growth a decade earlier.

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