China’s EV BYD targets 3.6m units in sales during ’24

Chinese electric vehicle maker BYD has set a sales target of 3.6 million units for 2024, a 20 per cent increase from last year’s record-breaking sales, Reuters reported on Wednesday, citing sources familiar with the matter.

The company aims to sell 500,000 vehicles overseas this year, more than double last year’s total, and one million units in 2025, Chairman Wang Chuanfu announced at a BYD investor meeting on Wednesday.

BYD did not immediately respond to a request for comment. Wang’s comments followed the company’s slowest quarterly profit growth in two years, attributed to a slowdown in EV sales in the world’s largest auto market.

After becoming the world’s largest EV seller in late 2021, surpassing Tesla, BYD has expanded aggressively into overseas markets like Australia, causing concern among competitors.

The company has engaged in a price war with Tesla in China and plans to launch a new plug-in hybrid system in May.

Wang stated that the new energy vehicle industry is entering a competitive phase focused on scale, cost, and technology from 2024 to 2026.

He predicted a decline in market share for foreign brands in China and emphasised BYD’s commitment to maintaining profitability amid the price war.

BYD has introduced new vehicle models at lower prices since February and plans to launch models priced under 200,000 yuan in the second half of the year with advanced driving-assistance systems.