BYD monthly sales surge over the 400,000 mark for the first time

Chinese automaking behemoth BYD set a new record for monthly deliveries, selling more than 400,000 vehicles in Sep for the first time.

Tesla delivers about 10% more EVs in a quarter.

Passenger vehicle sales last month came in at 417,603 units, BYD said in an exchange filing on Tue (Oct 1), including 164,956 battery electric cars and 252,647 plug-in hybrid models.

That's up 46% versus Sep 2023, showcasing BYD's robust growth as it dominates its home market and increasingly exports abroad. Of those Sep deliveries, more than 33,000 units were sold overseas.

So far this year, BYD's vehicle sales total 2.75 million. With a full three months left to run, the automaker looks within spitting distance of its annual target of four million units, considering the Golden Week holiday in China has only just kicked off and the Christmas season starts after that.

Beijing's recent announcement of a series of economic stimulus measures to boost disposable income may also contribute to a strong finish for BYD, which is already China's best-selling car brand.

BYD last month lifted its 2024 annual sales target from 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied it had increased its annual target.