BYD sold 312,000 new energy vehicles in April The new energy vehicle market is hot
In April 2024, BYD once again set a new monthly sales record with 312,000 new energy passenger vehicles. This outstanding achievement is mainly due to the hot trend of the entire new energy vehicle market and the favorable supporting policies issued by the state.
As a leader in the field of new energy vehicles, BYD has been maintaining its leading position on this popular track. According to the data, BYD will achieve 3,024,400 new energy vehicle sales in 2023, completing the target set at the beginning of the year. Entering 2024, BYD will continue to make efforts, and its monthly sales in April will reach 312,000 units, a year-on-year increase of 49%, reflecting strong market demand.
BYD's strong performance is not unique, and the entire NEV market will remain hot in 2024. The China Association of Automobile Manufacturers predicts that the wholesale volume of new energy passenger vehicles will reach 11 million units in 2024, and the penetration rate will reach 40%, maintaining a strong growth momentum. This is mainly due to the increasing preference of consumers for new energy vehicles and the strong support of industrial policies.
Consumer favor is the foundation of the hot sales of new energy vehicles
The fundamental reason why new energy vehicles can continue to be popular is that consumers are increasingly favoring them. Compared with traditional fuel vehicles, new energy vehicles have obvious advantages in environmental protection and energy consumption, which has attracted more and more consumers.
First of all, new energy vehicles are conducive to improving environmental quality and are in line with the concept of sustainable development. With the increasing awareness of environmental protection, more and more consumers have begun to choose to buy new energy vehicles to reduce carbon emissions. New energy vehicles are less expensive to use and more economical than traditional fuel vehicles in the long run, which is also a major factor to attract consumers. New energy vehicles also have unique advantages in driving experience, such as silent and smooth continuously variable speed, which meet consumers' pursuit of comfort.
In recent years, new energy vehicles have also made great progress in terms of cruising range and charging facilities, further enhancing consumers' confidence in buying cars. Driven by multiple favorable factors such as environmental protection, economy and comfort, new energy vehicles are increasingly favored by consumers.
Industrial policies strongly support the development of new energy vehicles
In addition to the change in consumer preferences, the strong support of industrial policies is also an important reason for the hot new energy vehicle market. In order to promote the high-quality development of the new energy vehicle industry, the state has introduced a series of favorable policies in recent years.
The most direct policy benefit is to extend the period of purchase tax reduction and exemption for new energy vehicles. According to the decision of the State Council, the new energy vehicle purchase tax reduction policy will be extended until the end of 2027, which will further stimulate consumer demand. Since its implementation in 2014, the purchase tax reduction policy has played an important role in promoting the development of the new energy vehicle market.
In addition, the state has also created a favorable environment for the development of the new energy vehicle industry from multiple levels, such as increasing financial subsidies, supporting the construction of charging facilities, and improving relevant laws and regulations. These policies and measures have provided solid support for the development of the new energy vehicle industry.
Local governments are also taking active actions to introduce relevant support policies. Taking Beijing as an example, in 2024, Beijing will further release the consumption potential of new energy vehicles by implementing favorable policies such as bonus points for new energy vehicles and purchase subsidies.
The new energy vehicle market has broad prospects, but it is necessary to be vigilant against risks
Looking at the development trend of the new energy vehicle market, we have reason to be optimistic about its prospects. Under the double benefit of consumer favor and industrial policy support, the new energy vehicle market will remain hot, and leading companies such as BYD are expected to benefit.
Experts also reminded that in 2024, the new energy vehicle market will face certain pressure on the structure of demand groups, such as the online car-hailing market is close to saturation. Enterprises need to pay attention to adjusting the product structure to better meet the needs of different consumer groups.
Charging facilities and battery technology are also important factors restricting the development of new energy vehicles. Only by increasing investment in infrastructure and technology can we create good conditions for the sustainable development of the new energy vehicle industry.
The prospects for the new energy vehicle market are still very broad. However, enterprises must also keep a clear head, adjust their strategic layout in a timely manner, grasp market trends, and avoid potential risks, so as to achieve steady and far-reaching progress on this track.
In April 2024, BYD achieved a sales record of 312,000 new energy vehicles, mainly due to the continued popularity of the entire new energy vehicle market and the favorable policies issued by the state. This paper explains the fundamental reason for the hot sales of new energy vehicles, that is, the increasing favor of consumers, coupled with the strong support of industrial policies, has created a favorable environment for the development of the new energy vehicle market.
Although the new energy vehicle market is facing certain challenges such as pressure on the demand structure, overall, the new energy vehicle market will remain hot in the context of consumer favor and industrial policy support, and leading companies such as BYD are expected to benefit. Enterprises also need to adjust their strategic layout in a timely manner to avoid potential risks in order to achieve steady and far-reaching progress on this track.