BYD sets new sales record in China in June, sells 2.5 lakh units

Hong Kong: China’s BYD sold more than 2.5 lakh electric vehicles in June in China, beating its own record, as the EV market in China stablises, the media reported on Monday.

Backed by Warren Buffett’s Berkshire Hathaway, BYD delivered 253,046 cars last month, a 5.3 per cent increase over the 239,092 cars delivered in May, it said in a filing to the Hong Kong stock exchange, reports the South China Morning Post.

BYD delivered 1.26 million vehicles to customers in the first quarter of 2023, almost double the figure a year ago.

In June, BYD delivered 128,196 pure electric cars, up 7.2 per cent from May. The company sold 123,489 plug-in hybrid cars, a 3.4 per cent monthly increase, the report mentioned.

On the other hand, Tesla’s Gigafactory in Shanghai delivered 42,508 vehicles to customers in May, up by 6.4 per cent from the previous month.

One in every 7 cars sold during the first quarter this year was an electric vehicle, dominated by China's BYD at 21.1 per cent market share while Tesla was at second spot, with 16 per cent share.

In China, EV sales experienced a remarkable 29 per cent YoY growth, despite a 12 per cent decline in overall sales of passenger vehicles in the country.

The top 10 EV models accounted for 37 per cent of the total passenger EV sales.