BYD set a new record for monthly deliveries by selling over 4 lakh cars for the first time in September. There was a whopping 46% jump in its sales.
Chinese company BYD set a new record for monthly deliveries by selling more than 400,000 cars for the first time in September. Sales of passenger vehicles last month stood at 417,603 units, including 1,64,956 battery electric cars and 252,647 plug-in hybrid models, BYD said in an exchange filing on Tuesday. Let us know its other details in detail.
46 percent increase compared to 2023
Sales of over Rs 4 lakh represent a growth of 46% compared to September 2023, demonstrating the strong growth of BYD, which is dominating its domestic market and also rapidly expanding its exports abroad. Among September deliveries, more than 33,000 units were sold abroad.
Sales of BYD vehicles so far this year total 2.75 million. The Golden Week holiday in China has just started and the Christmas season begins afterward. So, over the next three months, the automaker plans to move closer to its annual target of 4 million units.
BYD last month raised its annual sales target for 2024 to 3.6 million. Morgan Stanley auto analysts led by Tim Hisao wrote in a note, citing comments from BYD management. BYD later denied increasing its annual target.
Government rebates on electric and hybrid cars
Sales of electric and hybrid vehicles are also on the rise in China, thanks to a government rebate of up to 20,000 yuan ($2,900) for eligible models.
Zhejiang Geely Holding Group Co. (Zhejiang Geely Holding Group Co. Ltd.-ZGH) September sales were 201,949 units, compared to 166,955 units last year. Its vehicle sales now stand at 1.49 million units, an increase of 32 percent since the start of the year.
Great Wall Motor’s (GWM) sales in September were 108,398 units, including 30,129 new energy cars, a year-on-year decline of 11%.