BYD today saw its 9 millionth NEV, a Yangwang U9 electric supercar, roll off the assembly line, as it produced its latest 1 million vehicles in less than 3 months.
BYD (HKG: 1211, OTCMKTS: BYDDY) saw its 9 millionth new energy vehicle (NEV) model roll off the production line, as it made its latest 1 million vehicles in less than 3 months.
The NEV maker today celebrated its 9 millionth NEV in a ceremony at one of its plants in Shenzhen, where it is headquartered, making it the first Chinese automaker to reach that achievement.
On July 4, BYD saw its 8 millionth NEV roll off the line, a compact electric vehicle (EV) Dolphin produced at its Thailand plant.
The company designated its 9 millionth NEV to ultra-luxury sub-brand Yangwang's electric supercar U9, signaling its commitment to expanding in the premium market.
The Yangwang U9 is a 2-seat electric supercar with a starting price of RMB 1.68 million ($239,230), the most expensive in BYD Group's portfolio.
The model was launched on February 25 and first deliveries began last month. Seven units of the model were delivered in August, according to data compiled by CnEVPost.
The 2-seat battery electric vehicle (BEV) model is powered by four electric motors with a peak power of 240 kW each and a total peak power of 960 kW.
Its powertrain delivers up to 1,306 Ps horsepower and 1,680 Nm of power output, allowing the vehicle to sprint from 0 to 100 km/h in 2.36 seconds, making it one of the most powerful models produced by a local automaker.
On August 13, Yangwang said the U9 achieved a top speed of 375.12 kilometers per hour in track tests.
The Yangwang brand also has another model, the Yangwang U8 off-road SUV (sport utility vehicle), which went on sale on September 20, 2023, with a starting price of RMB 1.098 million.
Yangwang U8 has been delivering hundreds of units every month for the past few months. By the end of August, the U8 had accumulated 8,250 deliveries since deliveries began last November, according to data compiled by CnEVPost.
BYD has capitalized on the trend of electrification transition in China's auto market to quickly become one of the largest local carmakers over the past few years.
The company ceased production and sales of cars powered entirely by internal combustion engines in March 2022, switching to focus on producing plug-in hybrid electric vehicle (PHEV) and BEV models.
It sold a record 373,083 NEVs in August, up 35.97 percent year-on-year and 8.97 percent from July.
In the January-August period, BYD sold 2,328,449 NEVs, up 29.92 percent year-on-year.
In addition to having the highest NEV sales among local carmakers, BYD also has the largest workforce among locally listed companies.
On September 13, BYD saw its total number of employees surpass 900,000, the most of any of the more than 5,300 Chinese A-share listed companies.
It has nearly 110,000 technical research and development staff, making it the car company with the largest R&D staff in the world.
JP Morgan expects BYD to reach 6 million global deliveries by 2026
($1 = RMB 7.0226)
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