- Chinese automaker BYD Company set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.
Chinese automaker BYD Co. set a new record for monthly deliveries by selling more than 400,000 vehicles in September for the first time.
Passenger vehicle sales last month stood at 417,603 units, including 164,956 battery electric cars and 252,647 plug-in hybrid models, BYD said in an exchange filing on Tuesday.
This is 46 percent higher than in September 2023, reflecting BYD's strong growth as it dominates its domestic market and increases exports abroad. Of those September deliveries, more than 33,000 units were sold overseas.
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BYD's total vehicle sales so far this year are 2.75 million. With three full months left to run, the automaker is looking a long way from its annual target of 4 million units, given that the Golden Week holidays in China have just begun and the Christmas season begins after that.
Beijing's recent announcement of a series of economic stimulus measures to boost disposable incomes could also contribute to a strong finish for BYD, already China's best-selling car brand.
BYD last month lifted its 2024 annual sales target to 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied that it had increased its annual target.
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Sales of electric and hybrid vehicles widely in China are also being boosted by a newly increased government rebate of 20,000 yuan ($2,900) for eligible models.
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Zhejiang Geely Holding Group Co.'s September sales were 201,949 units, up from 166,955 a year earlier. Year-to-date, its vehicle sales now stand at 1.49 million units, up 32 percent.
But the power of those big automakers is hurting the smaller players to some extent.
Great Wall Motor Co.'s September sales were 108,398 units, including 30,129 new energy cars, down 11 percent year-on-year.
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First publication date: 02 October 2024, 08:55 AM IST