China’s leading electric vehicle (EV) maker, BYD, nearly set a new sales record in May, driven by aggressive price cuts and continued growth in new energy vehicle (NEV) sales. BYD reported its second-highest sales figure last month, indicating a strong upward trend.
In May, BYD sold 331,817 NEVs, which include both EVs and plug-in hybrid electric vehicles (PHEVs). This represents a 38% increase year-over-year (YOY) and a 5% rise from the 313,245 units sold in April. Although slightly below the all-time record of 341,043 NEVs sold in December 2023, these figures demonstrate significant growth.
BYD’s PHEV segment set a new monthly sales record with 184,093 units sold, marking a 22% YOY increase and the third consecutive month of record PHEV sales. So far this year, BYD has sold 685,960 PHEVs, up 35% from 507,862 during the same period last year.
Sales of fully electric vehicles also showed positive trends, with 146,395 EVs sold in May, reflecting a 22% YOY increase and a 9% rise from April. This growth follows the introduction of lower-priced “Honor” edition models aimed at increasing EV adoption.
BYD’s strategic shift from producing gas-powered vehicles in 2022 to focusing solely on NEVs has established it as a dominant player in China’s burgeoning EV market. The company’s affordable offerings, such as the Seagull EV Honor Edition starting at just $9,700, have significantly impacted the market. The Dolphin Mini, known overseas, is gaining traction in markets like Brazil and is expected to be one of Europe’s most affordable EVs next year.
Recently, BYD launched its fifth-generation Dual Mode (DM) hybrid technology, boasting the highest thermal efficiency globally at 46%. This new technology enables PHEVs to achieve a combined CLTC range of up to 1,300 miles, allowing travel from New York to Miami on a single charge.
