BYD is aiming for 280,000 monthly deliveries of battery electric (BEV) and hybrid electric cars (PHEV) by the end of the year. BYD sold and delivered 174,915 hybrids and BEV in August.
In August, BYD had 82,678 BEVs which was nearly triple the 30,382 units in the same month in 2021. Plug-in hybrid vehicles were 91,299 units up more than triple from 30,126 units in the same month last year.
If BYD reaches 280,000 per month in December, 2022 then this would likely be 130,000 BEVs. This would be a 1.5-1.6 million annual runrate. Tesla is targeting 2.1 million global annual runrate by December, 2022.
In August, BYD sold 5,092 NEVs in overseas markets, up 26.48 percent from 4,026 units in July.
BYD is targeting 4 million combined BEV and hybrid cars in 2023. This would be about 2 million battery electric vehicles in 2023.
Tesla would be in the 2.5 to 3 million range of production in 2023.
BYD has a far lower average selling price and less profit. However, ramping up production will help them to increase profit margins.
China is heading to 30% BEV for 2022. China makes about 22-25 million cars each year. Getting to 30% is about 7-8 million BEVs in China. 35% of those are $8000 or less and 60% are $15000 or less.
China will likely be at 50% BEV (12 million) in 2023 and 70% in 2024 (15 million).
BYD is exporting about 5000 cars per month and could reach 10,000 cars per month by the end of the year.
BYD stock price is down about 40% from a peak on July 7. It has dropped from $84 per share July 7 down to below $55. Warren Buffet has been selling shares of BYD. Buffet has recently sold about 3 million shares out of 225 million shares of BYD.
SOURCES- CNEVPost
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
Does BYD sell in any kind of volume outside of China? If not then they aren’t competition for Tesla.
BYD and Tesla are not yet in competition both are at present in competition with ICE vehicle manufactures until such time as EV production levels with demand we won`t know who is ahead.
Tesla needs the competition. Their fitment, quality control and aftercare are poor. They need a viable competitor to kick them into gear, so to speak.
Totally agree but not sure that BYD is actually competition outside of China.
One way or the the sentiment expressed here in the past about one global car comppany is faulty. There are many possible takes on building electric cars!
…Very few of which are economically viable. The problem with electric cars — which is the same problem that ICE cars have — is that it takes a *lot* of capital investment to even stand at the starting line, and even more capital to actually thrive. This heavily disincentivises experimentation as unless you get it phenomenally right pretty much from the woord “go” you’ll be swamped by your established competitors.
Musk succeeded by having a bullet-proof concept for his cars, being focused to the point of obsession, and even then he very nearly failed back in 2008, needing a lot of luck to survive the implementation of his plan. I’m sure BYD has a similar story plus the help of the central Beijing government. How many more times can lightning strike the same place?