BYD’s November NEV Sales Reach 230K Units

On December 2, Chinese electric vehicle maker BYD announced that it had sold 230,427 new energy vehicles in November, up from 91,219 units a year earlier. This year’s cumulative sales reached 1,628,297 vehicles, a year-on-year growth of 219.38%. The company is currently on track to sell 1.8 million new vehicles this year.

At the beginning of last year, BYD underwent an internal organizational restructuring and set up four business divisions, namely Dynasty Sales, E Network Sales, Brand and Public Relations, and After-sales Services. After this, the sales, after-sales and brand management will be further refined.

Since then, two sales pillars – the Dynasty series and Ocean series – were established. Later, BYD took control of the joint venture with Mercedes-Benz, and set up a high-end brand called “Yangwang”. Coupled with the personalized brand to be launched next year, five sales networks have now been officially formed.

In addition, the company sold a total of 12,318 new energy passenger vehicles overseas in November. Since May 2020, BYD has accelerated its internationalization strategy with its products having entered Norway, Germany and other European countries, as well as Japan, Thailand and other Asia-Pacific markets.

In Europe and the Asia-Pacific region, BYD now has a certain foundation. The South American market will be the next step. The governor of Brazil’s Bahia state previously said BYD would release information about its Brazilian plant on December 13. In terms of market development in Brazil, Wang Chuanfu, BYD’s founder, has said that the company will start localized production in Brazil. To that end, BYD bought Ford’s Brazilian plant, which closed in January 2021.

BYD will sell two models, the Han and Tang, through eight dealerships in Mexico in 2023. BYD hopes to sell 10,000 vehicles a year through 15 franchised dealers by 2023, and by 2024, there will be 40 dealers aiming to hit annual sales of 20,000 to 30,000 vehicles.

In terms of its battery business, the total installed capacity of BYD’s power battery and energy storage battery in November was about 11.003GWh, and the cumulative installed capacity in 2022 was about 78.684GWh. By November 2022, BYD’s energy storage systems have been distributed in more than 300 cities around the world, with cumulative shipments reaching 5.7GWh, creating an excellent safety record with zero incidents in the last 15 years. Next, BYD will use blade batteries in its energy storage systems and commercial vehicles.

BYD sells models with hybrid and pure electric power, and consumers with different levels of acceptance of new energy vehicles can choose the one that suits best. The company has been deeply engaged in hybrid technology and blade batteries for many years.

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BYD’s electric models’ prices are almost the same as those of its hybrid models. Take the BYD Han for example, with the DM-i version featuring a 121km cruising range and priced at 215,800 yuan and above, while the electric version starts from 214,800 yuan.

One reason for the price structure is that BYD’s batteries are exclusively supplied by its own subsidiary whose gross profit margin is kept below 5%. Other car companies have adopted batteries from CATL whose gross profit is more than 20%.