BYD's sales targets for the Dynasty series in 2024 are 1.7 million units and the Ocean series 1.6 million units, representing year-on-year growth of 13.9 percent and 15.7 percent, respectively, according to local media.
BYD (HKG: 1211, OTCMKTS: BYDDY) has set an internal sales target of 3.3 million BYD-branded vehicles in 2024, excluding overseas markets, according to a report in local media outlet LatePost yesterday.
BYD Group currently owns brands including BYD, Denza, Yangwang, and Fang Cheng Bao, with BYD-branded passenger vehicles including the Dynasty series and Ocean series.
BYD's sales targets for 2024 are 1.7 million units for the Dynasty series and 1.6 million units for the Ocean series, representing year-on-year growth of 13.9 percent and 15.7 percent, respectively, according to LatePost.
BYD sold 3.02 million new energy vehicles (NEVs) in 2023, with more than 95 percent contributed by the Dynasty and Ocean series models, the LatePost report noted.
Whether or not it can hold on to and increase the market share of the Dynasty and Ocean series will essentially determine BYD's sales performance in 2024, the report said.
In 2024, the company's full-year sales are expected to grow by more than 20 percent from 2023, BYD chairman and president Wang Chuanfu said in an investor communication session on March 27.
In overseas markets, BYD is targeting sales of 500,000 units in 2024 and 1 million units by 2025, Wang said.
BYD's targeted sales growth for the Dynasty and Ocean series in 2024 is lower than the overall growth rate, the LatePost report noted, adding that a person close to BYD's dealership system said the target is prudent.
In 2024, BYD's Dynasty lineup will accelerate store openings in underdeveloped regions, including counties, to increase channels by opening smaller, lower-cost stores, the report said, citing a person close to BYD's sales network.
In mid-2022, the BYD Dynasty lineup had about 900 stores, a number that has increased rapidly over the past three years, with more than 1,770 stores in the lineup as of today, according to LatePost.
BYD believes the market space for NEVs will expand further in 2024, and underdeveloped regions are expected to provide important incremental growth in sales, the report noted.
China's monthly NEV penetration rate topped 40 percent in 2023 and is expected to exceed 50 percent this year, Wang said at a conference held by the Guangdong provincial government on February 18.
However, on March 6, Wang said in a speech at the China EV 100 Forum that he estimated monthly NEV penetration could top 50 percent in the next three months.
