BYD BEV Q2 2024 only +20.98% YoY and NEV export +7.7% QoQ nearly flat

1) I will compare BEV (battery electric vehicle) sales because the PHEV (plug-in electric vehicle) is not pure EV as it still has an internal combustion engine or ICE. From the BYD sales data, more than 50% are from PHEV. I will also compare quarterly sales because that data will reflect more accurately how the carmaker performs as it will also report the quarterly earnings a month later.

2) There's no surprise in BYD Q2 2024 sales - BEV growth compared to Q1 remains weak despite price cutting and NEV (new energy vehicle) export is nearly flat. Note that BYD didn't provide export data for BEV separately NEV=BEV+PHEV. Hence it is logical to assume that BEV export growth will be even smaller. The overseas NEV delivery will be further weakened when the EU imposes new tariff 20+2% starting in July.

3) As usual, the Chinese media painted a rosy picture of the Q2 sales ignoring the challenges. For those who want to read the full content, I have put the link below. Here is the data:

BYD's passenger BEVs sold 426,039 units in Q2 2024, +20.98% YoY and +41.96% QoQ.

Passenger PHEVs sold 556,708 units in Q2 2024, +59.94% YoY and +71.67% QoQ.

BYD sold 105,505 NEVs in overseas markets in Q2 2024, +196.65% and +7.77% QoQ.

BYD stock performance after announcing Q2 sales data: -1.64%

Is the falling share price a reflection of a weaker than expected delivery will depend on what you believe in.

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