A Pioneer in New Energy Vehicles (NEVs)
The growing global demand for new energy vehicles (NEVs) drives BYD's thriving vehicle manufacturing business. In 2021, BYD sold 320,810 pure battery electric vehicles (BEVs) and 272,935 plug-in hybrid electric vehicles (PHEVs), a 145 percent and 468 percent year-on-year increase, respectively. In the same year, BYD became the fastest-growing automaker worldwide for NEV sales, and its global NEV market share increased to 8.8 percent. As the best-selling NEV brand in China during the year, BYD ranked second among global NEV manufacturers by sales, directly following Tesla, Inc. The sales revenue of new energy vehicles exceeded 86 billion yuan. The drivers of such outstanding sales performance are BYD's leading NEV technologies, namely the "DM-i Super Hybrid," "Blade Battery," and "e Platform 3.0".As BYD Group continues to consolidate its position in the domestic NEV market, its overseas business is also proliferating. In 2021, BYD launched its passenger NEV for the first time in Norway, thus kicking off its entry into the European market.
BYD's best-selling passenger NEVs
BYD's NEVs sales growth is primarily attributed to the sales of passenger NEV products, with revenues of approximately 79.4 billion yuan in 2021. BYD's passenger NEV products are presently available in two series, which are the "Dynasty" series ("Qin", "Han", "Tang", "Song" and "Yuan") and the "Ocean" series ("Dolphine", "Quzhujian 05"). Both series comprise several pure-electric models (EV models) and plug-in hybrid models (DM models) and cover sedans, SUVs, and MPVs. Dynasty series is by far the best seller, with sales of Song and Qin reaching approximately 1.15 million and 600,000 units, respectively, as of April 2022. Meanwhile, BYD’s ocean-themed products are also growing, for example, the “Dolphin” series was launched in August 2021 and attained sales of 70,000 units as of April 2022. In the coming year, BYD plans to launch more products to this line, namely "Seal", "Seagull", "Sea Lion" "Destroyer" and "Navy Ship."In terms of BYD's best-selling DM models, the "Qin PLUS DM-i" and the "Song Pro/Plus PHEV" had sales of about 112,000 units and 79,000 units, respectively, in 2021, ranking fifth and eighth among global electric vehicle models. As BYD’s high-end flagship EV product, the "Han EV" sold about 87,000 units during the year, ranking as the seventh-best EV model in the world.
