BYD Group: new energy car sales revenue 2020-2023, by type

In 2023, China's BYD Group generated more than 406 billion yuan in sales revenue from new energy passenger vehicles, representing an increase of 49 percent from the previous year. In that year, BYD's sales revenue from new energy commercial vehicles was about 6.07 billion yuan, representing a drop of almost 30 percent compared to the previous year.

Demand for China’s new energy vehicles surged

New energy vehicle sales in China reached a record high, with about 2.9 million battery electric vehicles and 603,000 plug-in hybrid electric vehicles sold in 2021. In addition, China’s exports of new energy vehicles in 2021 surged 1.6 times over the previous year to approximately 588,480 units. Europe was China’s largest trading partner for new energy vehicles that year, with about 285,000 new energy vehicles exported from China to Europe.

BYD leads in new energy passenger cars

In 2021, BYD was the best-selling new energy passenger vehicle brand in China, with sales of 584,000 units. BYD focuses on new energy passenger car production and has ceased manufacturing purely gasoline-powered vehicles since March 2022. By April 2022, the cumulative sales of BYD’s new energy passenger vehicle series reached approximately 2.62 million units, of which the ‘Song’ series sold 1.15 million units, and ‘Qin’ series sales were around 600,000 units.