Chinese automaker BYD recorded a milestone in the automotive industry by reaching the 10 million plug-in vehicles manufacturedafter that unit left a plant in southern China’s Guangdong province.
In this way, the company becomes the first manufacturer in the world to reach that figure with this type of vehicles, that is, plug-in hybrids or 100% electric.
Industry experts say BYD’s achievement is highlighted by both the rapid growth of the sector of China’s electrified vehicles, at a time when the United States and the European Union have decided to charge additional tariffs on Chinese electric vehicles.
BYD’s production has accelerated rapidly in recent years. It took the company almost 15 years, from December 2008 to August 2023, to manufacture its first 5 million electrified units, while delivering lThe next 5 million in just 15 months.
BYD, founded in 1995, is the number one company globally in terms of new energy vehicles, with 3.02 million units sold in 2023, according to company data.
More expansion
This milestone is recorded at a time when the company is accelerating its global expansion, not only with greater exports of products produced in China, but also with the installation of own plants around the world.
The closest case in the region is the former Ford factory in Camaçarí, Brazil, which will begin operating in early 2025. In that market, it has already produced an invasion of cars this year with imports.
For the president of BYD, Wang Chuanfu, one of the key factors in the success the company is having lies in the company’s strong commitment to technology.
BYD car unloading at the port of Suape, in Pernambuco, Brazil.According to Wang, BYD plans to invest $13.9 billion to advance the integration of artificial intelligence with automotive technologies, with the aim of achieving a comprehensive update of vehicle intelligence.
China’s strong emphasis on the development of “new energy” vehicles, as electrified models are called in the Chinese market, is mainly due to growing domestic demand.
Data from the China Automobile Manufacturers Association reveals that in the first ten months of this year, domestic sales of new energy vehicles reached 8,692 million unitsmore than eight times the export volume in the same period.
In the first nine months of the year, BYD sold more than 2.73 million electrified passenger vehicles, nearly 90 percent of them domestically.
BYD Shark, the plug-in hybrid pickup that is causing a sensation.The company’s development is in line with the rise of China’s new energy vehicle market, which in 2023 was the scene of the sale of more than 9 million unitsachieving a market penetration rate of more than 30%.
In July 2024, the domestic market share of new energy electric vehicles surpassed that of fuel-powered vehicles for the first time, with nationwide retail sales reaching 878,000 units and accounting for 51.1% of the market .
China’s thriving new energy vehicle market has become a magnet for both domestic and international automakers. Companies such as Tesla, Volkswagen and BMW have strengthened their presence in China.
With the fight against climate change that is not entirely homogeneous, new energy vehicles play a fundamental role in reducing carbon emissions in the transport sector. According to the International Energy Agency, global NEV sales should reach 45 million units in 2030 to meet carbon neutrality goals.
