BYD is on track to sell 4.25 million units in the full year 2024, the company's chief scientist said, suggesting sales will be around 500,000 units this month.
A BYD (HKG: 1211, OTCMKTS: BYDDY) executive said the company is on track to sell 4.25 million units in the full year of 2024, suggesting sales will be around 500,000 units this month.
By the end of this month, BYD could probably achieve annual sales of 4.25 million vehicles for the year, said Lian Yubo, chief scientist of the Chinese new energy vehicle (NEV) maker.
Lian mentioned the figure in a speech at a wealth management forum held by Caijing Magazine today.
BYD sold 506,804 NEVs in November, the second consecutive month of more than 500,000 units, according to data it released earlier this month.
In the January-November period, BYD's cumulative sales reached about 3.76 million units, up 40.02 percent year-on-year, according to data compiled by CnEVPost.
As of today, BYD's cumulative NEV sales have exceeded 10 million units, Lian noted.
“Today, one out of every three electric vehicles (in China) is BYD's. In the global market, one out of every five electric vehicles is BYD's,” he said.
BYD's sales of more than 3 million units in 2023 make it the world's top-selling NEV maker, marking the first time in 40 years that a local Chinese brand has overtaken foreign brands, Lian said.
Lian also touched on smart driving, saying that the current path to the industrialization of smart driving is becoming clearer, with L2+ smart driving being applied on a large scale, and that a number of domestic companies have begun to push the NOA (Navigate on Autopilot) function available on highways and city roads to users.
Additionally, several cities, including Beijing, Shanghai, and Chongqing, have issued L3 smart driving test licenses, and BYD won the industry's first L3 license, he noted.
He believes that China's NEV industry is still facing some challenges, such as the need to improve the industry chain's overall ability to resist risks, and breakthroughs need to be made in chips, industrial software and materials.
BYD has risen rapidly in the past few years along with the rapid development of China's NEV industry and sold a record 3.02 million vehicles in 2023, up about 210 percent from 1.86 million in 2022.
In the August-October period, BYD added nearly 200,000 units to its production capacity, the company's executive vice president, He Zhiqi, said in a November 2 Weibo post.
BYD's vehicle and parts businesses hired nearly 200,000 new people and all production sites were at full capacity, he said at the time.
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