BYD Nears All-Time Sales High in May Amidst EV Price Cuts

The month of May has proven to be a high point for BYD, as the company has nearly reached a new sales record due to its price cuts for its electric vehicles (EVs). This brought BYD to post its second-highest sales figures just last month, signaling a robust demand for Chinese EVs.

For EVs, BYD recorded sales of 146,395 EVs in May, reflecting a 22% year-over-year increase and a 9% increase from April. This growth follows BYD’s move to introduce lower-priced Honor edition models earlier in the year. With 331,817 new electric vehicles (NEVs) that include EVs and plug-in hybrid vehicles (PHEVs), BYD achieved a 38% year-over-year increase and a 5% uptick from April’s figures.

Despite falling just shy of the record-breaking 341,043 NEVs sold in December 2023, the company is still entering great projections as PHEVs set a new monthly sales record with 184,093 units sold in May, marking the third consecutive month of record-breaking sales with PHEV sales surged by 35% year-to-date. 

With new records being set by BYD, the company’s low-priced EVs including its Seagull model in May as the latest model released to the market have made them stand out. Interestingly, the Seagull’s price of $11,400 is one of the many affordable EVs in BYD’s lineup making the headlines with the global market responding with cheaper EVs of their ownfor competitive pricing. 

Yet, amidst a challenging economic landscape, companies like BYD, NIO, and Xpeng have reported robust sales growth, buoyed by a surge in demand for EVs. While challenges loom on the horizon, including potential tariff hikes in key export markets, the resilience of China’s EV industry remains to continue its upward trajectory. 

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