BYD has achieved a significant milestone in its international expansion, with overseas electric vehicle (EV) sales reaching a record high. In August 2024, the company reported selling 31,451 EVs in overseas markets, marking a 25.69% increase from the previous year. This contributed to a total of 264,869 EVs sold internationally in the first eight months of 2024, more than doubling last year’s performance with a 125.46% year-on-year increase.
This surge in overseas sales is part of BYD’s broader strategy to establish a strong global presence. The company has been expanding into key markets such as Southeast Asia, Europe, and the Americas. Notably, BYD recently took direct control of its sales operations in Germany by acquiring Hedin Electric Mobility GmbH, the current importer and distributor of BYD EVs in the country.
In its home market of China, BYD continues to lead in the new energy vehicle (NEV) sector. In August 2024, the company sold a total of 373,082 NEVs, setting a new monthly record for the third consecutive time. This figure includes both plug-in hybrids (PHEVs) and all-electric vehicles (BEVs), representing a 35.97% increase year-on-year and an 8.97% rise from July.
The company’s strong performance is further highlighted by its cumulative sales for 2024. By the end of August, BYD had sold over 1 million EVs, achieving a 12% increase compared to the same period last year. This accomplishment underscores BYD’s position as a leader in the global EV market.
BYD’s success can be attributed to its diverse product lineup and strategic market expansions. The company offers a range of vehicles, including the Dolphin, Atto 3, and Seagull models, catering to various consumer preferences. Additionally, BYD is venturing into new segments such as pickup trucks, luxury, and mid-size SUVs, further broadening its market appeal.
