BYD sets record with over 400,000 vehicles sold in September amid new subsidies

Chinese automaking behemoth BYD Co. set a new record for monthly deliveries, selling more than 400,000 vehicles in September for the first time.

Passenger vehicle sales last month came in at 417,603 units, BYD said in an exchange filing Tuesday, including 164,956 battery electric cars and 252,647 plug-in hybrid models.

That’s up 46 per cent versus September 2023, showcasing BYD’s robust growth as it dominates its home market and increasingly exports abroad. Of those September deliveries, more than 33,000 units were sold overseas.

So far this year, BYD’s vehicle sales total 2.75 million. With a full three months left to run, the automaker looks within spitting distance of its annual target of 4 million units, considering the Golden Week holiday in China has only just kicked off and the Christmas season starts after that.

Beijing’s recent announcement of a series of economic stimulus measures to boost disposable income may also contribute to a strong finish for BYD, which is already China’s best-selling car brand.

BYD last month lifted its 2024 annual sales target from 3.6 million, Morgan Stanley auto analysts led by Tim Hsiao wrote in a note, citing comments from BYD management. BYD later denied it had increased its annual target.

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Sales in China more broadly of electric and hybrid vehicles are also getting a boost from a newly increased government rebate of 20,000 yuan ($2,900) for qualifying models that are traded in.

Zhejiang Geely Holding Group Co.’s sales for September were 201,949 units, up from 166,955 the year prior. Year-to-date, its vehicle sales are now 1.49 million units, up 32 per cent.

But the strength of those bigger automakers is hurting smaller players somewhat.

Great Wall Motor Co.’s September sales were 108,398 units, including 30,129 new energy cars, down 11 per cent year-on-year.

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