BYD's February EV Production and Sales Soar on Strong Domestic and Overseas Demand

BYD, EV

BEVs and PHEVs Drive China's Top NEV Manufacturer to New Heights

China’s top new energy vehicle (NEV) producer, BYD, recorded major growth in EV output and sales in February 2024. The rise was fueled by expanding consumer demand and BYD’s broad product lineup across low- and high-end NEV segments.

BYD’s February NEV production totaled 327,864 units, up 1.9% from January and threefold year-on-year. This includes 4,913 commercial NEVs and 329,211 passenger NEVs.

Among passenger NEVs, battery electric vehicle (BEV) output surged 194% to 126,419 units, while plug-in hybrid (PHEV) output more than tripled to 202,792 units.

In total, BYD’s NEV production in 2024 so far has risen 41% to 4.304 million units compared with last year.

NEV Sales More Than Double; Overseas Expansion Accelerates

BYD sold 322,846 NEVs in February, up 7.4% from January and more than double year-on-year. This includes 4,613 commercial and 318,233 passenger vehicles.

Passenger BEV sales jumped 127% to 124,902 units, while PHEV sales soared 189% to 193,331 units. The company’s total 2024 NEV sales reached 4.272 million units, a 41% increase from 2023. Analysts expect BYD will reach 5–6 million units in 2025.

BYD has also expanded its global footprint with EV manufacturing projects in Hungary, Thailand, Brazil, Uzbekistan, Cambodia, Morocco, India, Turkey, and Vietnam.

In February, overseas passenger vehicle sales reached 67,025 units, nearly triple the 23,291 units sold a year earlier.

Battery Output Continues to Surge Alongside NEV Growth

As one of China’s top battery makers, BYD installed 16.695 GWh of power and energy storage batteries in February. This is more than double the figure from a year earlier, reinforcing BYD’s scale in both vehicle and battery manufacturing.

With strong domestic momentum and accelerating overseas expansion, BYD continues to lead China’s NEV market.