BYD’s April 2024 sales hit 380,011 vehicles, with BEVs surpassing hybrids for the first time since Q1 2023, while expanding globally with new technologies and logistics.
BYD has reported record sales in April 2024, with 380,011 vehicles sold, including 181,051 fully electric models, marking the first time BEVs have surpassed hybrids since Q1 2023. The company’s overseas sales surged by 176.6% YoY, supported by innovative logistics solutions like the BYD Explorer No.1, the world’s largest LNG-powered car carrier.
Record Sales and Market Expansion
BYD has solidified its position as a leader in the electric vehicle market with record sales in April 2024. The company sold 380,011 vehicles, including 181,051 fully electric models (BEVs), marking the first time BEVs have surpassed hybrids since Q1 2023. Overseas sales surged to 41,011 units, a 176.6% increase year-over-year, driven by strategic expansions and innovative logistics solutions.
Innovative Logistics and Technology
The BYD Explorer No.1, the world’s largest LNG-powered car carrier, has completed its maiden European voyage, reducing per-vehicle transport costs by 40%. This logistical advantage complements BYD’s new e-Platform 3.0 and CTB battery integration technology, which underpin models like the recently launched Sea Lion 07, targeting Tesla’s Model Y.
Competitive Landscape
While BYD expands into markets like Mexico and Hungary, legacy automakers face challenges. Ford’s EV division reported a $1.3 billion loss in Q1, and Tesla’s deliveries dropped 8.5% YoY despite price cuts. S&P Global Mobility warns that BYD could capture 10% of Europe’s EV market by 2025, prompting EU anti-subsidy investigations.
Historical Context
BYD’s vertical integration—from lithium mines to marine logistics—has enabled unprecedented cost control, with a production cost of $14,500 per Seal sedan compared to Tesla’s $36,500 Model 3. This industrial ecosystem model, sourcing 78% of components locally in emerging markets, may render traditional automotive supply chains obsolete. Similar transformations were seen in the 2010s with mobile payment systems like Alipay and WeChat Pay, which reshaped consumer behavior in China and laid the groundwork for today’s AI-driven innovations.
