BYD raises 2024 sales target to 4 million units
BYD has raised its sales target for the whole of this year, following a strong performance from its plug-in hybrid electric vehicle (PHEV) models.
BYD has increased its annual sales target to 4 million units, Morgan Stanley auto analyst Tim Hsiao said in a research note, citing comments from BYD's management. That compares with the company's previous estimate of about 3.6 million units. This compared to Tesla which may deliver less than 1.8 million EVs this year.
While BYD did not provide profitability guidance, its management believes that volume and margin upside in the second half of 2024 will largely hinge on DM 5.0 models, several of which, including the Qin L and Seal 06 DM-i, have order backlogs that already exceed capacity, according to Hsiao.
The NEV maker sold a record 373,083 NEVs in Aug, surpassing Jul's previous record of 342,383 units, according to data it released on Sep 1.
In the Jan-Aug period, BYD sold 2,328,449 NEVs, up 29.92% year-on-year.
The 4 million-unit target means BYD will need to sell an average of about 420,000 vehicles per month in the last four months of 2024.
So far this year, BEV sales in China have been weak, while PHEV sales have grown strongly.
China's passenger NEVs sold a record 1,027,000 units at retail in Aug, the first time in history that they have exceeded 1 million, data released by the China Passenger Car Association (CPCA) showed.
Retail sales of PHEVs in Aug were 444,000 units, the third consecutive month of record highs, up 96.9% year-on-year and up 12.2% from Jul.
Retail sales of BEVs were 583,000 units in Aug, which was up 18.5% year-on-year and 20.8% from Jul.
For BYD, there is a similar scenario.
It sold 222,384 passenger PHEVs in Aug, its sixth consecutive record high since Mar. That's up 73.12% year-on-year and up 5.5% from July.
By comparison, BYD sold 148,470 passenger BEVs in August, up just 1.95% year-on-year and up 14.21% from Jul.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moo Contributor
Follow me to get useful analysis, learn TA and make profitable trades.
Maximise profit 利润最大化
7581Followers
45Following
26KVisitors
Follow
bullrider_21 OP : BYD's sales may rise to 4 million from 3 million last year, an increase of 33%. In contrast, Tesla's deliveries are expected to drop from 1.8 million last year. This shows their changing fortunes.