BYD aims to become second car company to reach one million EV sales in a year

Chinese automotive manufacturer BYD is reportedly targeting sales of electric vehicles and other “new energy vehicles” of up to 1.2 million in 2022.

According to local Chinese reports of a recent investor conference call, BYD’s monthly sales of new energy vehicles (NEV) is already approaching 100,000 units. Thus, BYD expects to sell around 600,000 battery electric vehicles (BEVs) and between 500,000 and 600,000 plug-in hybrid EVs (PHEVs) during 2022.

In November, BYD saw total sales reach 97,242, an increase of 84.1% year-on-year, with sales of new energy vehicles increasing 252.7% with sales of 90,121.

If BYD is able to follow through on its targeted sales figures, the company would account for roughly a quarter of all NEV sales in China next year, with forecast NEV sales expected to reach around 4.5 to 5 million.

Similarly, if BYD is able to sell more than 1 million NEVs, it would become only the second company in the world to do so, after Tesla – though, while Tesla sells only BEVs, BYD sells a mixture of BEVs and PHEVs.

Already this year BYD has recorded NEV sales of 509,838 units, up 217% from 160,848 units in the same period last year, according to CnEVPost.

The news follows an announcement last week that Japanese automaker Toyota would partner with BYD to develop a China-only EV similar to its popular Corolla that is intended to launch in 2022. The car will use BYD’s lithium-iron-phosphate Blade battery and is intended to help Toyota learn the ropes of making a low-cost EVs.

It was also revealed earlier this month that two BYD Yuan Plus vehicles built to Australian specifications are currently undergoing testing in China ahead of a planned shipment to Australia in time for a new showroom in Sydney.