EV prices drop, BYD almost surpasses all-time sales records in May

BYD, the top EV manufacturer in China, almost broke sales records in May as a result of significant price reductions. As sales of new energy vehicles (NEVs) continued to rise, BYD reported its second-highest sales month ever last month.

BYD is not slowing down, even after early May saw new electric vehicle (EV) weekly sales break a record.

BYD nearly surpassed its all-time sales record last month with 331,817 NEVs (EVs and PHEVs) sold. Sales of BYD’s NEVs increased by 5% from the 313,245 units sold in April and by 38% YoY.

BYD’s sales are increasing, although falling short of the record 341,043 NEVs sold in December 2023. Plug-in hybrid cars from BYD broke monthly sales records last month, selling 184,093 units, up 22% year over year. This month’s record PHEV sales are the third in a row.

Compared to the 507,862 PHEVs sold at this time last year, BYD has sold 685,960 PHEVs so far this year, a 35% increase.

Sales of fully electric vehicles increased as well. Last month, BYD sold 146,395 EVs, up 9% from April and 22% year over year. In an effort to further its “liberation battle” against ICE automobiles, BYD introduced a number of less expensive “Honour” edition models earlier this year. This has resulted in an increase in sales.