BYD, the world’s biggest maker of electrified vehicles, has revealed record sales for June and the second quarter. However, this growth occurred at a slowing pace, suggesting that China’s electrified vehicle market is losing momentum.
Simultaneously, the company reported another surge in sales of plug-in hybrid vehicles (P-HEVs), which grew faster than BEVs both in June and for the entire quarter.
The company reported selling 341,658 NEVs (BEVs and P-HEVs) in June, just surpassing the previous record of 341,043 vehicles set in December.
BYD disclosed these sales records in a filing with the Hong Kong Stock Exchange.
While June’s performance marked a 35% increase from the 253,046 vehicles sold in June 2023, it was only 2.97% higher than May’s sales of 331,817 units.
This small month-on-month gain was driven primarily by higher sales of commercial vehicles; its commercial NEVs totaled 1,447 units in June, up 6.3% from a year ago and 8.8% from May.
BYD’s NEVs include both passenger cars and commercial vehicles, with passenger NEVs selling 340,211 units in June, up 35.2% year-on-year and 2.94% from May.
BYD reported that it increased BEV sales in June by 13.25% compared to June last year, totaling 145,179 units, but this was a decrease of 0.83% from May.
In contrast, sales of P-HEVs surged by 58% from June last year and 5.9% from May this year, totaling 195,032 units. This marks the fourth consecutive month in which P-HEVs have outsold BEVs, confirming BYD’s strategic shift this year.
Although June exports of 26,995 vehicles were up 156% from a year earlier, they declined significantly by 28% from May.