China’s leading EV maker, BYD, nearly reached a new sales record in May after aggressive price cuts took effect. BYD posted its second-highest sales last month as new energy vehicle (NEV) sales continued picking up.
BYD achieves second highest sales record in May
After hitting a new electric vehicle (EV) weekly sales record in early May, BYD is not slowing down.
With 331,817 NEVs (EVs and PHEVs) sold last month, BYD is closing in on its all-time sales record. BYD’s NEV sales were up 38% year-over-year (YOY) and 5% from the 313,245 sold in April.
Although just short of the record 341,043 NEVs sold in December 2023, BYD’s sales are trending upwards. BYD’s plug-in hybrids set a new monthly sales record with 184,093 sold last month, up 22% YOY. This is the third straight record PHEV sales month.
BYD has sold 685,960 PHEVs so far this year, up 35% from the 507,862 sold at this time last year.
Fully electric vehicle sales also trended higher. BYD sold 146,395 EVs last month, up 22% YOY and 9% from April. The sales growth comes after BYD launched a series of lower-priced “Honor” edition models earlier this year to fuel its “liberation battle” against ICE cars.
Since BYD stopped making gas-powered vehicles in 2022, the automaker has quickly become a leader in China’s surging EV market.
Its cheapest electric vehicle, the Seagull EV Honor Edition, starts at just $9,700 (69,800 yuan). The Dolphin Mini (as it’s called overseas) is already making a strong presence in overseas markets like Brazil. It’s also expected to arrive as one of the cheapest EVs in Europe next year.
BYD launched its fifth-gen Dual Mode (DM) hybrid tech last week. The automaker claims its thermal efficiency (+46%) is the highest globally. With up to 2,100 km (1,300 mi) combined CLTC range, BYD’s PHEVs can travel from New York to Miami, Florida.
Electrek’s Take
BYD’s low-cost EVs are already worrying overseas rivals. Ford’s CEO Jim Farley called BYD’s $10K Seagull EV a “pretty damn good” car as he warned others of the automaker’s edge.
Despite potential tariffs, BYD still expects the Dolphin Mini (Seagull) to start at around 20,000 euros ($21,500) in Europe, still thousands lower than rivals in the region. With two plants planned in Europe, BYD expects to overcome the potential impacts of tariffs.
BYD sold over 35,000 Seagull models in May as the new lower-priced version hits the market.
Although BYD is best known for its affordable EVs, it is quickly expanding into new popular segments like mid-size SUVs, luxury, and pickups.
BYD’s new Sea Lion 07, launched last month, will rival Tesla’s top-selling Model Y. However, starting at $26,250 (189,800 yuan), BYD’s new electric SUV undercuts the Model Y, which starts at $34,550 (249,900) in China. BYD sold 3,400 Sea Lion 07 models last month since its launch on May 10.
The long-awaited BYD pickup was also launched last month. BYD unveiled the Shark PHEV pickup in Mexico, which will rival Toyota’s Hilux and the Ford Ranger globally.