BYD, the Chinese EV giant that is threatening the hegemony of Tesla, has reportedly crossed the “one million EVs sold” landmark in the first eight months of 2024. The total sales figure of 1,004,623 represents a substantial growth of 12% compared to the same period in 2023.

Going by numbers, BYD EV sales for August 2024 stood at 148,470, a YoY increase of 2%. As a comparison, the company sold 130,000 EVs in July which was a substantial 10.46% less than June 2024 and 3.5% less than July 2023. So, with EV sales clocking in at 148,470 for August 2024, BYD has recorded a 14% increase over July 2024.

While BYD’s BEVs (Battery Electric Vehicles) have seen robust growth, the company’s PHEVs (Plug-in Hybrid Electric Vehicles) have done even better. In fact, August 2024 was BYD’s sixth straight month of record-breaking PHEV sales with a total of 222,384 units sold. This is an impressive 73% YoY increase, resulting in more than 1.3 million PHEV sales from Jan-Aug 2024.

Suffice it to say, BYD is doing quite well in the competitive Chinese market and it is not hard to imagine that the company will find substantial success overseas with its rapidly expanding footprint.

Why is BYD so successful?

While a lot of factors have contributed to BYD’s success, the major ones include far-reaching government support, low supply chain costs, cheap labor, and a wide offering of EVs. The company is also the world’s second-largest EV battery maker, a fact that is a chief contributing factor to BYD’s success as battery packs are the most important components of an EV.

Long story short, BYD continues to dominate the Chinese market on the back of its affordable models like the Seagull, an EV that costs less than $10,000 in China.

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