BYD's 3.02 million units in 2023 ended perfectly, and whether it can continue the sales legend in 2024
On January 1, 2024, BYD announced that it would sell 341043 units in December 2023, which is the third consecutive month that BYD's sales have exceeded 300,000. At the same time, BYD's cumulative sales in 2023 will be 3.0244 million units, an increase of 62.3% compared with 1.86 million units in 2022. The target of 3 million units set at the beginning of the year was exceeded. As a result, BYD has become the champion of electroplating sales in both the Chinese auto market and the global new energy vehicle market. So in 2024, can BYD continue to continue the sales legend?
First of all, from the perspective of the overall environment of the automobile market, whether it is the domestic or European and American markets, the growth rate of BEV (pure electric) is falling rapidly, and the demand of users has slowed down significantly, according to the data of the China Association of Automobile Manufacturers, the growth of BEV before November 2023 was 23.6% and then fell back to 13.5%. In the European Union, BEVs accounted for 21% of sales in August, and in October the proportion of BEVs fell to 14.2%, and the same is true for the US market, although BEV sales are growing faster than the overall automotive market, but the growth rate has slowed significantly compared to the past few years. On the one hand, the market ownership is gradually increasing, and on the other hand, it is also because consumers are gradually returning to rationality, and they are not paying for the hidden door handles, or the panoramic canopy without sunshades, or the zero hundred acceleration of excess performance, as in the first few years.
Looking at BYD's sales in 2023, it can also be said to be mixed, the impression that BYD brought to everyone in the first two years is mainly that it feels that every car is a hit, technology and sales are also far ahead, and competing products have no power to fight back, but in the past year, the response of BYD's new cars has long been much worse than before, first of all, the sales of the high-end Denza N7/N8 have been dismal after its launch, and the marine models are tepid, and most of the main sales come from cheap dolphins, seagulls and so on. In addition, today's new energy vehicles iterate quickly, and the differences between each generation are very large, so many of BYD's models (such as Qin, Han, Tang and Song) have been on the market for 2-3 years, and have not undergone major facelifts and upgrades.
Qin Plus is facing Geely Galaxy L6, Chang'an Origin A05, Song Plus is facing Changan Deep Blue S7, Geely Galaxy L7, Tanghe Frigate 07 is facing Wenjie M7, M5, Ideal L7, Xiaopeng G6, Zhiji LS6, etc., while Hanhe Seal will face Model 3, Xiaopeng P7I, AVATR 12, Zhijie S7, Zeekrypton 007 and so on. Looking at the configuration comparison, you can see how strong the opponents BYD is facing.
Then in 2023, BYD will also improve product competitiveness by adding a cost-effective champion version to the model, and the effect is remarkable. This programme is expected to continue in 2024. At the same time, it is also necessary to continue to iterate its own products, subdivide product categories, innovate technology, and then accelerate the expansion of overseas markets, according to BYD's overseas export volume in 2023, there should be no problem with overseas exports reaching 30,000+ monthly sales in 2024, and once the overseas market is completely opened, the sales volume will definitely be more than that.
Overall, BYD is still facing great challenges in 2024, and we all hope to witness BYD's 10 million new energy vehicles off the assembly line in 2024!