BYD‘s new energy vehicles (NEV) sales rallied in March 2024 following weak performance in the prior month due to the Chinese New Year holiday. Impressively, the Chinese electric vehicle giant hit a whopping 147.29% month-on-month sales growth, marking its second-best month in history.
NEV sales – March 2024
BYD’s X announcement revealed that it sold a total of 302,459 NEVs, including battery-electric (BEV) and plug-in hybrid (PHEV) models, in March 2024 alone.
Of that total, passenger vehicles accounted for the majority of 301,631 units. It represents a whopping 46% year-on-year sales increase, hinting at a steady growth rate for the company this year.
Passenger BEVs grew 36% YoY, while PHEVs hit a higher growth of 56% YoY last month. Refer to the table below:
| Passenger NEVs | Sales | YoY Change |
| BEVs | 139,902 | up 36% |
| PHEVs | 161,729 | up 56% |
| Total | 301,631 | up 46% |
Meanwhile, BYD’s commercial NEV sales dropped 16.45% YoY to only 828 units in March 2024. However, it indicates a 47.07% MoM growth from February’s weak results.
The following is the breakdown of BYD’s passenger NEV sales in March 2024, covering all the brands under its umbrella:
Dynasty and Ocean series
BYD’s Dynasty and Ocean series sold 286,712 NEVs in March 2024, a 46.51% Year-over-Year and 151.37% Month-over-Month sales increase.
BYD’s Dynasty series of Song models hit 36,921 sales, up 144.51% MoM from just 15,100 units in February. Meanwhile, its Ocean series of Song models contributed 41,569 units sales, up 106.06% MoM from only 20,173 in February.
As you can see, the Song family remained the most popular of all the BYD-branded models, selling a total of 78,490 units last month. It indicates a 93.75 YoY and 122.52% MoM sales increase.
The Qin family of models landed second in the top-selling ranking, with 40,569 units sold last month, down 0.69% YoY but up 150.57% MoM.
The Seagull followed in the third place with 34,830 units sales, up 158.15% MoM. Meanwhile, the Yuan family hit 32,806 units sales, down 18.80% YoY but up 282.22% MoM.
The BYD Chaser 05 sold 28,964 units, an increase of 640.58% YoY and 307.37% MoM. The Dolphin sold 21,048 units, down 30.02% YoY but up 53.36% MoM.
The Han family sold 20,013 units, while the Tang sold 14,079 units. The Seal hit a total sales of 13,443 units, the e2 reached 1,300 units, and the Frigate reported 1,170 units in sales.
Presented below are the top-selling BYD-branded models in March 2024:
| Rank | Model | Units Sold | YoY Change | MoM Change |
| 1 | Song (Total) | 78,490 | 93.75% | 122.52% |
| Song Dynasty | 36,921 | 144.51% | ||
| Song Ocean | 41,569 | 106.06% | ||
| 2 | Qin Family | 40,569 | -0.69% | 150.57% |
| 3 | Seagull | 34,830 | – | 158.15% |
| 4 | Yuan Family | 32,806 | -18.80% | 282.22% |
| 5 | Chaser 05 | 28,964 | 640.58% | 307.37% |
| 6 | Dolphin | 21,048 | -30.02% | 53.36% |
| 7 | Han Family | 20,013 | 47.70% | 160.65% |
| 8 | Tang | 14,079 | 16.04% | 162.82% |
| 9 | Seal | 13,443 | 124.05% | 146.80% |
| 10 | e2 | 1,300 | – | 202.33% |
| 11 | Frigate 07 | 1,170 | -85.64% | 51.16% |
Denza
The premium Denza brand’s NEV sales reached 10,279 units in March 2024, a 1.14% YoY sales drop. Nonetheless, they reflect an astounding 123.55% MoM increase from February 2024.
The sales mix included 10,036 D9 MPVs, 173 N7 SUVs, and 70 N8 SUVs.
Yangwang
The ultra-luxury sub-brand Yangwang’s NEV sales reported 1,090 units in March 2024. Its first-ever offering, Yangwang U8, officially arrived on September 20 last year, followed by customer deliveries on November 24.
The U8 costs a whopping RMB 1,098,000 ($151,860). Despite its premium pricing, it managed to sell a total of 3,522 units in the first quarter of the year. Its sibling, Yangwang U9, became available on February 25 this year with a base price of RMB 1.68 million.
Fang Cheng Bao
The Chinese NEV giant’s personalized sub-brand Fang Cheng Bao sold a total of 3,550 units in March 2024. Its inaugural electric vehicle offering, Bao 5, officially hit the market on November 9, followed by customer deliveries on November 23 last year.
NEV sales – Q1 2024
As for the entire first quarter, BYD’s passenger plug-in electric vehicle sales surged 14% YoY to 626,263 units. It is undoubtedly a positive sign for the company’s target of over 20% growth rate on average in 2024.
BEVs accounted for 300,114 units of the brand’s total passenger plug-in car sales, while PHEVs sold 324,284 units. Refer to the table below:
| Sales | YoY Change | |
| BEVs | 300,114 | up 13% |
| PHEVs | 324,284 | up 14% |
| Total | 624,398 | up 14% |
For reference, BYD’s passenger plug-in electric vehicle sales surpassed 3 million units in 2023, up 62% YoY. It enables the company to advance as the largest Chinese automaker and top car brand in its home turf. Unfortunately for BYD, Tesla managed to reclaim the electric vehicle crown in the first quarter with a total sales of 386,810 BEVs.
