BYD, the world’s largest electric vehicle (EV) manufacturer, set a new sales record in June, signaling a robust rebound in demand after a price war failed to stimulate consumer interest. The China-based EV and battery leader, witnessed the sale of over a quarter of a million units last month, surpassing its previous record established just a month earlier.
According to BYD, the sales of new energy vehicles in June nearly doubled compared to the corresponding period last year, reaching an impressive 253,046 units as opposed to 134,036 units in June 2022. This remarkable surge in sales underlines the growing popularity of EVs within the world’s largest automobile market, primarily driven by heightened consumer enthusiasm and improved economic growth in China.
In the first half of this year, BYD’s shipments also almost doubled, amounting to 1.2 million units. This achievement was aided by favorable economic conditions in China and the resolution of industry disruptions stemming from COVID-19-related lockdowns in Shanghai that occurred a year ago. Despite facing fierce price competition, BYD maintains a market capitalization of $100 billion, surpassing that of both General Motors (GM) and Ford.
The positive trend extends beyond BYD, as Li Auto, a smaller Chinese EV manufacturer led by billionaire Li Xiang, reported a significant year-on-year sales gain of 150% in June, delivering 32,575 vehicles. Shanghai-based Nio, Guangzhou-based Xpeng, and Tesla’s Gigafactory in Shanghai all witnessed significant increases in deliveries, reflecting the growing demand for electric vehicles (EVs) in China.
Nio handed over 10,707 cars to customers in the period, marking a 75% increase compared to the previous month. Xpeng achieved its best sales of the year so far, with a month-on-month jump of 14.8% in deliveries, totaling 8,620 units. While Tesla does not disclose monthly sales figures, data from the CPCA revealed that their Gigafactory in Shanghai delivered 42,508 vehicles in May, a 6.4% increase from the previous month.
These extraordinary sales figures from BYD and Li Auto signify a notable shift towards electric mobility among consumers as the EV market in China stabilizes. The sustained sales growth reflects the increasing acceptance of electric vehicles as a viable and eco-friendly transportation option.
However, the surge in sales of battery-powered cars has come at the expense of petrol-powered vehicles in the world’s largest automotive market. China reported a 7% decline in petrol car sales, with 5.21 million units sold in the first five months of 2023, according to CPCA data.
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