BYD has set a new benchmark in the electric vehicle (EV) industry, surpassing 400,000 vehicle sales in a single month for the first time. The company’s September performance highlights its robust growth and intensifying competition with Tesla.

According to BYD, the company’s total sales of new energy vehicles (NEVs) reached an impressive 419,426 units in September 2024. Among these, battery electric vehicles (BEVs) accounted for 164,956 units, marking a 9% increase compared to the previous year. Meanwhile, plug-in hybrid electric vehicles (PHEVs) saw a remarkable 86% year-over-year growth, with 252,647 units sold. Additionally, overseas sales amounted to 33,012 units, representing a 5% increase from August.

September’s strong performance capped off an outstanding third quarter for BYD. The company reported total sales exceeding 1.1 million vehicles in Q3, reflecting a 38% increase year-over-year. Within this period, BEV sales reached 443,426 units, up 3% year-over-year, while PHEV sales soared to 685,830 units, showcasing a remarkable 76% growth.

Looking at year-to-date figures through September, total NEV sales reached 2.75 million, with BEV sales at 1,169,579 units, translating to an 11.6% increase year-over-year.

While BYD’s growth is impressive, Tesla continues to lead the market in pure electric vehicle sales. In Q3, Tesla delivered 462,890 vehicles, bringing its year-to-date total to 1,293,656 units. Although BYD’s Q3 BEV sales of 443,426 units fell short of Tesla’s, the gap is narrowing. The Chinese automaker’s diverse product lineup, which includes the popular Seagull EV that sold 43,425 units in September, is contributing to its rapid growth.

Several factors are driving BYD’s success in the competitive EV market. Strong demand in the Chinese market, an expanding global presence with increased overseas sales, and a diverse product range that includes both affordable EVs and luxury models are key contributors. Furthermore, recent economic stimulus measures in China have bolstered the market.

BYD appears well-positioned to meet its annual sales target of 4 million units, having already achieved 2.75 millionsalesin the first nine months of 2024. Reports suggest that the company’s management raised the 2024 target to 3.6 million, though BYD later denied this claim.

BYD’s success is influencing the broader automotive landscape. For instance, Zhejiang Geely Holding Group reported September sales of 201,949 units, up from 166,955 units the previous year. In contrast, smaller players like Great Wall Motor Co. experienced a decline, with September sales falling 11% year-on-year to 108,398 units.

Read More: BYD Surpasses 9 Million NEVs As Production Soars To Record Speed

As BYD continues its aggressive growth strategy and Tesla maintains its global leadership, the competition in the EV market is intensifying. The final quarter of 2024 will be crucial in determining whether BYD can close the gap further or if Tesla can maintain its position as the world’s top EV manufacturer.

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