BYD (OTCMKTS: BYDDY) saw its 5 millionth new energy vehicle (NEV) roll off the production line, as its bet in the sector over the last 20 years brings significant returns.
The Chinese NEV giant held a ceremony at its Shenzhen headquarters today to celebrate becoming the world's first automaker to reach the milestone.
BYD's 5 millionth NEV is the Denza N7 SUV, which was launched by sub-brand Denza early last month, and is owned by renowned Chinese entrepreneur and speaker Luo Zhenyu. BYD chairman and president Wang Chuanfu personally delivered the vehicle to him.
Denza was a 50:50 joint venture between BYD and Mercedes-Benz, which BYD increased its stake in the company to 90 percent last year.
The Denza N7, the second model released after the Denza D9 MPV following the restructuring of Denza's shareholding, was launched on July 3 and deliveries began on July 29.
BYD entered the automotive industry in 2003, it sold its first NEV in 2008, and currently has dozens of NEV models on sale.
On May 19, 2021, BYD saw its one millionth NEV roll off the line, becoming the first Chinese automaker to cross this historic threshold in NEV sales, 13 years after its first NEV rolled off the line.
On November 16, 2022, BYD sees its 3 millionth NEV, just 1.5 years after the 2 millionth milestone.
BYD's 5 millionth NEV rolled off the line less than 9 months after the 3 millionth.
In March 2022, BYD ceased production of vehicles powered entirely by internal combustion engines and shifted to focus on pure electric vehicles and plug-in hybrids.
Just this past July, BYD sold a record 262,161 NEVs, bringing its January-July total to more than 1.5 million vehicles, half of its target for the year, according to data it released earlier this month. The sales were wholesale sales.
BYD's retail sales in July were 230,882 units, placing it first in China's NEV market with a 36.0 percent share, higher than second-place GAC Aion's 7.0 percent, according to data released today by the China Passenger Car Association (CPCA).
In the January-July period, BYD's retail sales amounted to 1,385,455 units, ranking No. 1 in China's NEV market with a 37.2 percent share, higher than No. 2 Tesla China's 8.7 percent, according to the CPCA.