BYD posts 68% surge in November EV sales driven by hybrids

In November 2024, BYD Co Ltd, a major automotive manufacturer in China, reported significant growth in its new energy vehicle sales. The company sold a total of 506,804 new energy passenger vehicles, marking an impressive 68% increase compared to the same period last year. BYD's success was primarily attributed to a substantial rise in plug-in hybrid passenger vehicle sales, which soared by 133% to 305,938 units. Pure battery electric vehicle sales also experienced growth, reaching 198,065 units, an increase of 16.4% over the same month last year. Additionally, BYD sold 2,801 commercial vehicles, including 449 buses, as part of its diversified vehicle offerings. BYD has positioned itself as a strong competitor in the electric vehicle market, rivaling American company Tesla. In the fourth quarter of 2023, BYD briefly surpassed Tesla to become the largest seller of battery electric vehicles (BEVs) worldwide. However, Tesla regained its leading position in the first quarter of 2024 and has maintained it since. In the third quarter of 2024, BYD reported a 24% increase in operating revenue to 201.12 billion yuan (approximately $28.25 billion), surpassing Tesla's revenue of $25.18 billion for the first time since 2022. Despite higher revenue figures, BYD's net profit remained lower than Tesla's net income of $2.167 billion, highlighting the ongoing financial strengths of its American competitor. In March 2022, BYD made a strategic shift by ceasing production of combustion engine vehicles to focus exclusively on electric vehicles. This transition has allowed the company to concentrate on the rising demand for electric and hybrid vehicles, aligning with global trends toward sustainable transportation. Recent comments from BYD's Executive Vice President He Zhiqi indicated that the company has ramped up its production capacity significantly, hiring over 200,000 staff for car and component manufacturing and growing production by nearly 200,000 vehicles in just a few months. The November sales figures indicate not only the increased acceptance of electric and hybrid vehicles in China but also BYD's effective strategy to dominate the market. As competition heats up within the electric vehicle sector, the results reflect consumer preferences leaning towards plug-in hybrids, which offer greater versatility and range compared to solely battery-operated cars. This trend is likely to shape future manufacturing and marketing strategies for leading electric vehicle players in the industry.