Who can stop BYD on its impressive growth path? On Wednesday, the Chinese car and battery maker unveiled that it had produced its fifth million ‘new energy vehicle’. That is BEVs and PHEVs combined. The news shortly after the company crossed the three-million mark and surpassed Volkswagen as the number one brand in China.
The five millionth BYD was an N7 SUV from the subbrand Denza, of which Mercedes holds a diluted stake of 10%. The vehicle was manufactured for Luo Zhenyu, a TV celebrity and influencer in China. The car was handed over to him personally by BYD President Wang Chuanfu.
New energy vehicles in China use alternative drivelines, including hybrids with combustion engines. BYD produced its first NEV in 2008, but the company’s exponential growth defies expectations. It took the brand thirteen years to pass the mark of one million NEVs, but not more than one year to achieve the second million. The previous goal post, three million units, took BYD half that time.
That result was realized in mid-November last year. Eight months later, the company’s output jumped again by a bonkers 65%. This achievement is a matter of attracting a more extensive client pool and constructing the facilities to meet that demand.
BYD’s business also incorporates buses and commercial vehicles. The number of passenger vehicles in June was 216 105 units, an increase of more than 60% in a year-over-year comparison. The overall results are accomplished by a broader range of brands under BYD, such as Dynasty, Denza, Yangwang, and Fangchengbao.
Breaking down the results, battery electric vehicles contributed 51,62% of BYD’s car sales last month, while the remaining 48,38% were represented by plug-in hybrid electric vehicles (PHEV).
The domestic popularity of BYD was symbolically cast in stone by the sales charts of April. While Volkswagen has been reigning the list for more than ten years in the Peoples Republic, the Chinese carmaker took the crown from the German car giant with a margin of 12 573 cars on a total of 440 000 units for the year’s first quarter – one in five cars sold in China.
As one of the few Chinese car companies, BYD is also present in Asian-Pacific markets like Thailand, India, Australia, and Japan, showcasing how the expansion plans are also geographically sized. Also, these overseas sales have witnessed remarkable growth, reaching an impressive 18 169 units in July alone and exceeding 14 000 units over the past 13 months.
It seems like the company is mimicking Toyota as an example. Over in Europe, the brand offers a range of five models. The Atto 3, Han, and Tang are joined this summer by the Dolphin and the Seal.