Chinese electric vehicle giant BYD announced another major milestone in its new energy vehicle (NEV) manufacturing business. According to the company’s Weibo announcement, the 7 millionth car rolled off the production line on March 25.
For context, NEV includes battery-electric (BEV), plug-in hybrid (PHEV), and fuel cell electric (FCEV) vehicles.
BYD builds its 7 millionth NEV
BYD proudly announced on Monday the successful production of its 7 millionth NEV, enabling it to advance as the first automaker in the world to achieve this milestone.
According to the announcement, the Jubilee model is apparently an updated version of the Denza N7 electric SUV from its premium brand. Denza plans to officially launch this new version on April 1.
It is indeed a significant feat, considering that BYD has yet to become a popular brand in many other markets in the world.
Production progress
According to CnEVPost, BYD officially became an automaker in 2003. However, it only sold its first-ever NEV model in 2008.
On May 19, 2021, BYD achieved its one millionth NEV production milestone with the Han EV. Its 5 millionth NEV production followed on August 9, 2023, which was also a Denza N7.
It produced its 6 millionth NEV, the Bao 5, on November 24, 2023. Notably, this model is under its personalized brand, Fang Cheng Bao.
Since BYD started producing NEVs more than 15 years ago, it has gradually pivoted to large-scale BEV production and specialized in LFP Blade batteries.
Moving forward
BYD currently owns multiple units, including its main brand, BYD Auto, and premium sub-brands Denza, Fang Cheng Bao, and Yangwang.
This year, BYD aims to sell more NEV models across its brands to challenge American electric vehicle giant Tesla.
By the end of 2024, BYD expects to achieve the 10 millionth vehicle production milestone. This production rate will undoubtedly prompt many legacy automakers to reconsider their EV production plans if they want to stay in the market.
In order to achieve this ambitious target, BYD plans to expand and solidify the localization strategies for its products, technologies, and brand presence globally.
