Skip to main content

BYD just set a new sales record as aggressive price cuts take effect, is it enough to top Tesla?

China’s leading EV maker, BYD, set a new monthly NEV sales record as it battles for market share in an increasingly competitive market. The growth after BYD slashed prices on some of its top-selling electric vehicles. Will it be enough to top Tesla in the second quarter?

BYD sold 341,658 new energy vehicles (NEVs) last month, its highest monthly total ever. After NEV sales surged 35% from last year, BYD surpassed its previous 341,043 NEVs sold in December 2023.

Of them, 145,179 were all-electric, up 13% from the 128,196 sold last June. However, it wasn’t enough to top the 146,395 sold in May.

BYD sold 726,153 fully electric vehicles in the first half of 2024, up 18% from the 616,810 EVs sold in the first half of 2023.

The other 195,032 vehicles sold last month were plug-in hybrids, up 58% YOY. BYD’s PHEV sales have hit a new record for the past four months now.

BYD also sold 26,995 vehicles overseas as it expands into new markets to boost growth. Meanwhile, the BYD’s biggest growth driver is being driven by fierce price cuts.

BYD-sales-record
BYD Dolphin Mini (Seagull) launch in Brazil (Source: BYD)

BYD tops monthly sales record amid China’s EV price war

BYD’s sales are picking up after starting a “liberation battle” earlier this year, targeting foreign gas-powered cars with lower prices.

BYD’s cheapest EV, the Seagull, starts at just $9,700 (69,800 yuan) in China. Overseas, it starts at around $20,000. Lower-priced versions of its top-selling Atto 3, Dolphin, and Seal EVs are also hitting the market.

BYD-sales-record
BYD SEAL (Source: BYD)

The new models are rolling out in overseas markets like Japan and South Korea as BYD looks to rival Toyota and Hyundai in their domestic markets.

BYD launched its third EV in Japan last week, the Seal EV, starting at ¥5.28 million, or around $33,100.

The Seal, BYD’s answer to the Tesla Model 3, is expected to reach South Korea by the end of the year.

BYD's-electric-sports-car
BYD Yangwang U9 electric sports car (Source: BYD)

Although BYD is best known for its affordable EVs, the auto giant is expanding into new markets like luxury, mid-size SUVs, pickups and supercars. Its new Yangwang U9 electric supercar was spotted racing around the Nurburgring last week (see the video here). Starting at $233,400 (1,680,000 yuan), the +1,200 horsepower U9 is aimed at Ferrari and Lamborghini.

BYD also launched the Sea Lion 07 in May, its first “medium-sized urban smart electric SUV.” Starting at 189,800 yuan ($26,250), BYD’s new electric SUV undercuts Tesla’s top-selling Model Y, which starts at 249,900 yuan ($34,550) in China.

BYD-sales-record
BYD Sea Lion 07, the brand’s first “mid-sized urban smart electric SUV” (Source: BYD)

Meanwhile, BYD will deal with new tariffs in Europe on Chinese imports. Although some project it could impact sales, BYD makes more on some EVs sold in the EU than in China and may be able to absorb the extra duties.

Top comment by Ben

Liked by 11 people

Among all the other impressive things this company has done, I'm really impressed by how rapidly BYD's design has matured.

View all comments

Will BYD’s price cuts and new models be enough to top Tesla again? BYD sold 426,039 EVs in the second quarter of 2024, up 42% from Q1. Wall St is projecting Tesla will sell around 450,000, and China will be key to hitting its target.

Update 7/2/2024: Tesla (TSLA) delivered 443,956 EVs in Q2 2024, topping BYD again.

Update 7/3/2024: A new Counterpoint research report suggests BYD could take back the title of the world’s largest EV maker from Tesla in 2024 (read more here).

Source: CnEVPost, BYD

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

Comments

Author

Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising

Manage push notifications

notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications
notification icon
We would like to show you notifications for the latest news and updates.
notification icon
You are subscribed to notifications