BYD has its best sales month in 2024, defying talk of a slowdown in global EV market

BYD – the world’s fastest-growing car company with more than three million fully electric and plug in hybrid cars sold in 2023 – has reported its second-best month ever.

The company says that in May it sold 331,817 new energy vehicles (NEVs) – six per cent above its sales in April, and the highest month of sales so far in 2024. It is also represents 38.2% year-on-year growth, defying talk of a slow down in global EV sales.

It also puts its back on track to deliver on its goal of selling 4 million units in 2024, although for the first five months of the year it has sold 1.27 million cars sold in China and international export markets.

The increase was driven by its domestic market. Exports of vehicles, including cars destined for Australia, reached 37,499 during May. This decreased from over 41,000 vehicles sold in the international markets in April.

From all accounts, the brand’s popularity in international markets appears to be growing – despite the new tariffs announced by the US government and fears they could be copied in the EU – so May’s lower export sales wouldn’t worry too many close followers of the company’s global expansion.

During May, information about some of the newest models the company aims to launch in local and international markets like ours also emerged.

This included details of BYD’s new electric hot hatch called the Seal X. The specs and name of the vehicle were uncovered in government documents submitted before a car goes on sale in China. 

The new model will be launched in China with a price range of $A32,000 to $A42,000 while offering a dual-motor powertrain that will easily rival the MG4 X-Power.

Another model that created a bit of a buzz was the ute which is likely heading for Australia in the second half of 2024. This model will initially be offered with a plug-in hybrid powertrain and an all-electric model down the track.

Lastly, the brand also unveiled its next-generation EV platform, e-Platform 3.0 EVO, which will be debuted in the Sea Lion 07 EV that is likely to rival the Tesla Model Y in terms of its size. 

The new platform will feature improved motors and charging speeds of up to 240 kW, getting close to the dual-motor variants offered by Tesla that can get up to 250 kW.

In Australia, the brand has delivered over 20,000 EVs to customers in nearly two years since deliveries started in August 2022. 

Local sales growth for BYD has been strong and with more models yet to come, it won’t be too long before 30,000 BYD electric vehicles are on Australian roads. 

This is likely to happen before the end of this year, making it BYD’s best year to date in our market. With local sales data for May only days away, BYD will certainly be one of the key EV brands to keep an eye out for.