- BYD reached its 13 millionth NEV production milestone, eight months after its 10 millionth NEV was produced.
- The 13 millionth NEV produced by BYD was a U7 sedan from its ultra-luxury sub-brand Yangwang.
BYD (HKG: 1211, OTCMKTS: BYDDY) has reached the milestone of producing its 13 millionth new energy vehicle (NEV), about eight months after reaching its 10 millionth NEV production milestone.
The company announced this latest milestone on Weibo today, stating that its 13 millionth NEV is a U7 sedan from its ultra-luxury sub-brand Yangwang.
BYD was founded in February 1995 with around 20 employees. Today, the company has grown to become one of China's largest automakers, with a total workforce of 968,872 as of the end of 2024.
The company originated in the battery business and officially entered the automotive industry in 2003 by acquiring Qinchuan, located in Xi'an, Shaanxi province, northwest China.
On May 19, 2021, BYD saw its 1 millionth NEV roll off the production line, making it the first Chinese automaker to reach this milestone in the NEV sector.
With the rapid growth of NEV sales, BYD ceased production and sales of vehicles powered solely by internal combustion engines in March 2022, shifting its focus to producing plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) models.
On August 9, 2023, BYD saw its 5 millionth NEV roll off the production line, the N7 SUV (sport utility vehicle) from its premium sub-brand Denza.
On November 18, 2024, it reached the milestone of its 10 millionth NEV rolling off the production line, the Z9 sedan from Denza.
With sales growing rapidly, especially in the mass market, BYD is now aiming for the premium segment.
Yangwang is one of BYD's sub-brands and currently the most luxury-oriented under its umbrella.
BYD launched the sub-brand on January 5, 2023, targeting the ultra-luxury market with vehicles priced at around RMB 1 million ($140,000).
The U7 was launched on March 27, offering BEV and PHEV options, with a starting price of RMB 628,000. On June 12, Yangwang announced that deliveries of the U7 had begun.
Yangwang sold 205 vehicles in June, a year-on-year decrease of 50.96 percent, but a month-on-month increase of 47.48 percent, according to data compiled by CnEVPost.
The U7 sold 132 units in June. Yangwang's other two higher-priced models, the U8 and U9, sold 64 and 9 units respectively in June.
($1 = RMB 7.1772)
