China’s BYD just topped another major milestone. The EV giant produced its ten millionth new energy vehicle (NEV) this week, becoming the first automaker to accomplish the feat. BYD’s accomplishment comes just three years after its one-millionth NEV rolled off the assembly line. After its fifth straight record sales month, BYD is now closing in on top global automakers like Ford.
BYD continued its dominant run after selling over 500,000 vehicles for the first time in a single month in October.
October was BYD’s fifth straight record-breaking month for NEV sales, including plug-in hybrid (PHEV) and battery electric (EV) models. Through the first ten months of 2024, BYD has sold over 3.25 million NEVs, up 36% from last year. Nearly 1.36 million of them were all-electric.
Amid a wave of new competition and an intensifying EV price war in China, BYD is setting up shop in key overseas markets to drive growth.
The company opened its first manufacturing plant in Thailand, a booming EV market. New facilities are coming online soon in Hungary, Brazil, Pakistan, Turkey, and Mexico.
As BYD continues expanding into new markets, China’s EV giant is quickly catching up to global auto leaders. After topping Nissan and Honda for the first time in Q3, BYD is now on pace to surpass Ford in global deliveries soon.
BYD tops 10 million NEV production milestone
BYD announced on social media Monday that it became the “world’s first automaker to achieve the rollout of the 10 millionth new energy vehicle.”
The milestone comes ahead of BYD’s 30th anniversary. BYD was founded in 1995 with around 20 employees. Now, it’s one of the largest in the world, with over 900,000 employees.
BYD launched its first mass-production car, the F3, in 2005. With around 100,000 sales in just over a year, the F3 helped propel BYD to become the global auto leader it is today. According to the company’s president, Wang Chuanfu (via CnEVPost), the early success gave BYD confidence in the auto market.
Another big reason behind BYD’s success is its early beginnings as a battery maker. By 1998, BYD was already the second-largest rechargeable battery producer.
In 2000, the company scored major deals with Motorola and Nokia, securing its role in the battery market.
BYD built its first NEV, the F3DM, equipped with its first-gen DM hyrid tech, in 2008. Wang claims it was the “world’s first” plug-in hybrid to hit the streets.
Sales are surging
Just four years ago, BYD sold less than 30,000 vehicles a month. Now, that number is over 500,000. It launched its fifth-gen DM hybrid tech earlier this year, which significantly improved fuel consumption and performance.
In May 2021, BYD produced its one million NEV. Today, it crossed the 10 million mark, a massive milestone as the company looks to secure its spot as a global auto leader.
BYD’s growth accelerated after it stopped making vehicles with an internal combustion engine in March 2022. Now, it focuses on PHEV and EV models.
Last year, BYD introduced the Qin Plus Champion Edition (PHEV model), priced below 100,000 yuan ($13,900) for the first time. BYD said that at the same price as gas-powered cars, the new model was “directly destroying the moat of joint venture vehicles.”
Although best known for its ultra-affordable EVs, like its top-selling Seagull, which starts at under $10,000 (69,800 yuan), BYD is rapidly expanding its lineup with new luxury models, smart midsize SUVs, and electric supercars hitting the market.
The milestone comes as BYD closes in on Ford in global deliveries. The company already outsold Ford by about 40,000 vehicles in the third quarter.
As sales climb, BYD is ramping up production and expanding its workforce. BYD’s executive vice president, He Zhiqi (via Reuters), said the company hired nearly 200,000 new employees between August and October. It also ramped up production by about 200,000 units to meet the demand.
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