- BYD has reached an impressive milestone, with its nine millionth ‘NEV’ rolling off the production line.
- The NEV classification used by BYD composes of fully-electric vehicles, and plug-in hybrid vehicles.
- Its nine millionth NEV was celebrated with one of its Yangwang U9 electric supercars, rolling out of the factory.
BYD hits a key sales figure
The nine millionth NEV represents significant growth for the manufacturer, as it has expanded internationally over the last couple of years – particularly in regions such as Europe and Mexico. The eight million NEV milestone was reached just over two months ago, and the seven million milestone back in March. The first one million NEVs sold was only reached 2021, highlighting how fast growth has been, particularly during this year.
BYD is continuing this international expansion, helping to reach further million milestones. Whilst only 14% of BYD NEVs are currently sold outside of China, the manufacturer recently set a target for 50% of its total NEV sales to come from exports, which could help increase these sales figures even further. It’s eyeing up more European market share, with the OEM ready to offer a range of products for the electric commercial sector, after four separate EVs were displayed at IAA Transport, earlier this month.
Despite this impressive milestone, there are still hurdles for BYD to increase this number. The US’ 100% tariff on Chinese-produced EVs has been prohibitive, whilst a similar tariff enacted by Canada impacted plans the manufacturer had to enter the market. Relatively lower tariffs have also been imposed on BYD EVs across the European Union, still making nations like the UK increasingly lucrative, who remain against imposing additional tariffs on Chinese EVs.
If the current rate of growth continues, BYD will be able to reach at least 10 million NEVs sold, before the year is up.
