Chinese EV and battery maker BYD (BYDDY) made impressive deliveries of 253,046 new energy vehicles (NEV) in June, up 89% year-over-year and 5.3% sequentially. Importantly, in the first half of the year, BYD’s NEV sales were 1,255,637 units, up 95.78% year-on-year.
Monthly Highlights
BYD’s monthly sales included 239,092 passenger cars, of which 128,196 were pure electric models. The figure represents an 84.3% year-over-year growth rate. Also, plug-in hybrid vehicle sales increased by 92.3% to 123,489 vehicles.
Furthermore, in June, the company reached an installed capacity of around 11.816 GWh for NEV power and storage batteries. Additionally, the cumulative installed capacity for 2023 has reached an impressive 60.250 GWh. This signifies their commitment to meet the growing demand for EVs and continue to excel in battery production.
Competitive Scenario
Remarkably, BYD has outperformed its competitor Tesla (TSLA) in total deliveries for the second quarter of 2023. BYD sold 700,244 NEVs in Q2, up about 100% from the same period last year. In contrast, TSLA delivered 466,140 cars during the same timeframe.
Interestingly, the combined June deliveries of Li Auto (LI), NIO (NIO), and XPeng (XPEV) reached 51,902 units, up from 41,280 delivered in June 2022. It is worth mentioning that this figure appears relatively small when compared to the dominant players in the Chinese EV market, BYD, and Tesla. Nevertheless, the continued growth of these companies points to the increasing popularity and demand for EVs in China.
Ending Thoughts
BYD is making efforts to strengthen its position in the domestic market while also expanding internationally. The company has reportedly signed a preliminary agreement with the Indonesian government to build an EV plant in the country. Also, it has been implementing price cuts to boost sales volume across its lineup. BYDDY shares have advanced more than 24% since the start of this year.
