BYD Celebrates Production Of Its 7 Millionth Plug-In Vehicle
BYD recently achieved a significant milestone by becoming the first automaker in the world to produce seven million plug-in Electric vehicles. This achievement comes just four months after celebrating the six millionth unit sold. Sales have been tracked since 2008.
Of the seven million vehicles, approximately half are all-electric while the other half are plug-in hybrids. As of the end of February 2024, BYD had sold around 3.5 million all-Electric cars. In China, plug-in vehicles fall under the New Energy Vehicle (NEV) category, which also includes hydrogen vehicles.
The seven millionth vehicle produced was the all-electric Denza N7 from BYD’s Denza brand. This brand offers various models, including the D9 MPV, N7 SUV, and N8 SUV. The Denza N7 competes with models like the Tesla Model Y and an updated version is set to launch on April 1, 2024. Production of the Denza N7 takes place at BYD’s Jinan factory in China.
The majority of BYD’s plug-in electric vehicle sales come from the BYD brand itself, with Denza, Fang Cheng Bao, and Yangwang representing only a small portion of the overall business.
In terms of sales growth, BYD has been rapidly expanding its presence in the plug-in car market. In Q4, BYD even outsold Tesla in the number of electric vehicles sold for the first time. The pace of all-electric car sales growth for BYD is comparable to Tesla, with BYD already surpassing 3.5 million units and approaching six million when plug-in hybrids are included.
Overall, BYD’s achievement of seven million plug-in vehicles sold positions it similarly to where Toyota’s hybrids were about a decade ago. While Toyota reached seven million hybrid sales in mid-2014 after nearly 18 years, BYD accomplished the same milestone in approximately 16 years from 2008 to 2024.