BYD Reports December Sales Aligned with Overall Market

By Michael Elkins

Chinese electric vehicle manufacturer BYD recently released their sales figures for December, reporting a 2% month-over-month increase and a remarkable 153% year-over-year rise in passenger NEV sales, reaching 234,600 units. The company’s wholesale sales showed an increase of approximately 5,000 units month-over-month, which is a slowdown compared to the 12,000 to 17,000 unit increments observed in the previous two months. Analysts at Morgan Stanley suggest this deceleration may be attributed to a surge in new COVID cases, although overall sales remained largely consistent with projections.

Additionally, they observed an 8% month-over-month decline in overseas deliveries, likely influenced by the holiday season in Western countries, but these deliveries still exceeded 10,000 units.

For the entirety of 2022, BYD achieved cumulative vehicle sales of 1.86 million, marking a 208% increase year-over-year, which aligns with the company’s adjusted sales goal of 1.8 million units. Starting this year, BYD intends to increase car prices by RMB 2,000 to RMB 6,000, aiming to offset 50% of the subsidy following the withdrawal of stimulus measures.

The electric vehicle producer is also set to launch its high-end brand, Yangwang, along with other innovative technologies on January 5.