Chinese electric vehicle giant BYD Co. (HK:1211) (BYDDF) has set a new monthly sales record in November. The company delivered 504,003 passenger vehicles last month, reflecting a significant jump of 67.2% year-over-year. Importantly, BYD surpassed its annual target of 3.6 million vehicle deliveries set for 2024.
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The strong sales performance was primarily due to the growing demand for EVs in China and other global markets. Also, BYD’s wide range of new energy vehicles (NEVs), including passenger cars, buses, and trucks, helps cater to various consumer needs. Moreover, the company’s advanced battery technology continues to boost sales.
Breaking Down BYD’s November Sales
Passenger vehicles comprised the bulk of BYD’s sales, accounting for 504,003 units of the total 506,804 NEVs sold in November. In particular, plug-in hybrids (PHEVs) recorded sales of 305,938 units, up 133.1% year-over-year. Additionally, fully battery electric vehicles (BEVs) sales continued to grow and hit a record 198,065 units, marking a 16.4% increase.
Further, BYD’s commercial EV segment, which includes buses, heavy trucks, and other large equipment, saw impressive growth last month. Sales reached a record 2,801 units, surging 433.5% year-over-year.
BYD also witnessed a modest positive momentum in the overseas market, with 30,977 units sold in November, up 1.14% year-over-year.
In addition to vehicle sales, BYD’s energy storage business witnessed growth. The company installed nearly 22.47 GWh of energy storage batteries in November, bringing the total cumulative installed capacity for 2024 to around 171.21 GWh.
Tesla, BYD Make Year-End Sales Push
It is worth highlighting that both BYD and its EV rival Tesla (TSLA) have ramped up competition in China by offering additional discounts and incentives to boost sales before the end of 2024.
Tesla is offering a five-year 0% loan and a discount of 10,000 yuan on its Model Y SUV until year-end. Similarly, BYD has introduced discounts ranging from 1,000 to 3,000 yuan on select models to increase demand.
Is BYDDF a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BYDDF stock based on eight Buys and two Holds assigned in the past three months. At $43.90, the average BYD Co. stock price target implies a 33.23% upside potential. Year-to-date, shares of the company have gained 19.04%.
