AutoBeta(AutoBeta.net)11/02 Report--

As the largest manufacturer of new energy vehicles in China, BYD has once again handed over its outstanding sales report card. Data show that BYD sold 502700 new energy vehicles in October 2024, an increase of 66.53% over the same period last year. Of this total, sales of pure electric vehicles rose 14.57 per cent to 189600 from a year earlier, while sales of plug-in hybrid models rose 129.30 per cent to 310900.

At present, BYD has an absolute leading position in the new energy market, its layout has been BYD, Teng Teng, equation Leopard, look up to the four major brands. Among them, the BYD brand is divided into Ocean Network and Dynasty Network, which is the most important source of sales of BYD. In October, Dynasty Network and Ocean Network sold 483400 vehicles, accounting for the vast majority of total sales.

Subdivided, dynasty net sales of 251100, the highest sales of the Qin family for 86600, Song, Yuan, Han, Tang followed by 63300, 56000, 30100, 15000 respectively. Ocean net sold 229800 vehicles, with 59900 seals, 54100 seagulls, 51600 Song PLUS, 22600 destroyers, 21700 dolphins and 19200 sea lions.

In addition to Dynasty and Ocean, BYD has laid out three major brands in the high-end market: momentum, equation Leopard and look up, but compared with traditional luxury brands, BYD's brand strength in the high-end market is still insufficient. According to the data, the Tengli D9 accounted for the vast majority of total sales of 10800 vehicles in October, compared with 3089 for the Z9GT and 311 for the N7, 282 for the look up brand and 6026 for the equation Leopard brand.

BYD's sales growth is also inseparable from the growth of overseas markets. Data show that BYD sold 31200 new energy passenger cars overseas in October, of which 28000 were exported. On October 2nd, BYD Song PLUS DM-i went on sale in Greece; on October 14th, BYD unveiled a number of models at the Paris International Motor Show in France, while the Sea Lion 07EV launched in Europe; and on October 26th, BYD Song PLUS DM-i and Tang EV models were launched in Hungary, in short, BYD's expansion in the global market has been unstoppable.

After entering 2024, BYD shouted the slogan "electricity is lower than oil" and launched a number of glorious models one after another. Driven by low prices, BYD's sales continued to rise. By the end of October, from January to October this year, BYD had sold 3.2505 million vehicles, an increase of 36.49% over the same period last year, and had achieved 90.29% of its annual sales target of 3.6 million vehicles. In the next two months, BYD only needed to complete the remaining 349500 vehicles to reach its target. Based on this calculation, BYD has a very high chance of meeting its sales target on time.

The continued rise in sales of new energy vehicles has also led to a substantial increase in BYD's operating revenue. On October 30, BYD released its results for the third quarter of 2024. According to the financial report, BYD's operating income in the third quarter of 2024 was 201.1 billion yuan, an increase of 24.04% over the same period last year, while its net profit was 11.607 billion yuan, an increase of 11.47% over the same period last year. Judging from the data, BYD's single-quarter revenue has exceeded that of Tesla, but its net profit is not as good as Tesla's. By contrast, Tesla's third-quarter revenue rose 8 per cent year-on-year to $25.182 billion (about 179.3 billion yuan) and net profit was $2.167 billion (about 15.4 billion yuan). As of the end of September, BYD's revenue in the first three quarters of this year was 502.251 billion yuan, an increase of 18.94 percent over the same period last year, and its net profit was 25.238 billion yuan, an increase of 18.12 percent over the same period last year.

According to the plan, BYD will also launch Tengli Z9 and the new dynasty IP "Xia" this year. Among them, BYD's new dynasty IP "Xia" will be launched in November. The new car is located in a large MPV, which is the sixth product line after Qin, Han, Tang, Song and Yuan, and is expected to sell for more than 300000 yuan. In addition, Zhang Zhuo, general manager of the sales division of BYD Ocean.com, said at the user event Day that Ocean.com plans to launch a new MPV model, and the future entry-level model Seagull will support the intelligent driving system, according to Interface News.

With the launch of more new cars, it will help BYD seize the market share of joint venture fuel vehicles. In addition, the fourth quarter of each year is a key point for many car companies to hit sales, and BYD's sales are expected to continue to hit record highs at that time.

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