On the first day of the new year, BYD announced its cumulative sales for the year 2023. The Chinese automaker sold a total of 3,024,417 new energy vehicles (NEVs), including plug-in hybrid and pure electric vehicles, which represents a 62.3% growth compared to the previous year. This sales figure significantly surpassed the previous record of 1,863,494 vehicles sold in 2022.
An important contributing factor to this success is BYD’s focus on manufacturing NEVs. In 2023, the company produced a total of 3,045,231 vehicles, which represents a 62.2% growth compared to the same period last year.
Focusing on the passenger car market, BYD’s sales in this segment reached 3,012,906 vehicles in 2023, marking a 62.2% increase compared to 2022. A notable trend in this segment is the significant increase in sales of pure electric vehicles, which grew by 72.8% and reached a total of 1,574,822 units. Electric vehicles (BEVs) accounted for 52.3% of BYD’s total passenger car sales, highlighting the increasing consumer demand for environmentally friendly transportation.
BYD also experienced significant growth in its commercial vehicle segment. In 2023, the company sold 11,511 commercial vehicles, including electric buses, trucks, and other vehicles. This represents an 88.2% growth compared to 2022, surpassing the overall sales growth of the company.
BYD’s plug-in hybrid models also experienced notable growth, albeit at a slower pace compared to pure electric vehicles. The sales of BYD’s plug-in hybrid models reached 1,438,084 units in 2023, a 52% increase compared to 2022.
In addition to the domestic market in China, BYD achieved impressive sales growth in international markets. In the past year, the company sold 242,766 vehicles in foreign markets, representing a 334% increase. This result even surpassed the accumulated overseas sales of the company over the past two decades.
Furthermore, BYD has positioned itself as a major player in the battery manufacturing industry. In 2023, the company’s total battery capacity installed in new energy vehicles reached 150.909 GWh, securing the second position globally, right after CATL.
At the beginning of 2023, BYD set an ambitious target of selling 3 million vehicles. At that time, this number raised some skepticism within the automotive industry. However, by the end of 2023, BYD not only achieved but also exceeded this target. To celebrate this remarkable milestone, the company decided to reward its dealers in China with 666 Chinese yuan (approximately 2.28 million Vietnamese dong) for each vehicle sold.
BYD is currently focusing on expanding its presence in foreign markets such as Japan and Southeast Asia. Japan is considered a proving ground for BYD’s ability to penetrate overseas markets. If the company can succeed in a market known for the challenges of importing vehicles, it is confident in its ability to succeed anywhere.
In Southeast Asia, BYD is already present in markets like Thailand and Malaysia. In the future, the company also plans to establish a vehicle manufacturing plant in Vietnam to serve the local market and export to other countries.
BYD Group currently consists of four major automotive brands: BYD, Denza (a joint venture with Mercedes-Benz), FCB (focuses on off-road vehicles), and YangWang (specializes in luxury electric vehicles with an average price over $150,000).
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