BYD has stopped production of fuel vehicles since March 2022, saying it is based on strategic development needs.

BYD (OTCMKTS: BYDDY, HKG: 1211) sold more than 100,000 new energy vehicles (NEVs) for the first time in March and announced that the company has stopped producing fuel vehicles.

BYD sold 104,878 NEVs in March, up 333 percent year-on-year and up 18.8 percent from 88,283 vehicles in February.

BYD sells 104,878 NEVs in March, up 333% year-on-year-CnEVPost

That includes 104,338 passenger cars, and 540 commercial vehicles, the company said in an announcement filed with the Hong Kong Stock Exchange today.

Among new energy passenger vehicles, BYD sold 53,664 pure electric vehicles in March, up 229 percent from 16,301 units a year earlier. It sold 50,674 plug-in hybrids in March, up 615 percent from 7,085 units a year earlier.

BYD has stopped production of fuel vehicles since March 2022, saying it is based on strategic development needs.

In the automotive section, BYD will focus on pure electric and plug-in hybrid vehicle businesses in the future, it said, adding that it will continue with the production and supply of fuel vehicle parts.

BYD's move seems to be expected, as its fuel vehicle sales have been decreasing as a percentage of total sales in the past few months.

In February, BYD sold 91,078 units of all vehicles, of which only 2,795 were fuel vehicles, a 3 percent share.

BYD produced 106,658 NEVs in March, up 396 percent from 21,492 units in the same month last year.

The company produced 106,118 new energy passenger cars and 540 new energy commercial vehicles in March. The production of new energy passenger vehicles included 54,684 pure electric vehicles and 51,434 plug-in hybrids.

The company's total installed capacity of NEV power batteries and energy storage batteries in March was about 5.353 GWh, up 16 percent from 4.615 GWh in February.

BYD sells 104,878 NEVs in March, up 333% year-on-year-CnEVPost

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