Category: BYD

BYD chairman calls on China to extend NEV tax exemption until 2025

The world economy is currently in a difficult period of complexity and change, and dealing with risks and challenges requires firm confidence and stable expectations, Wang said.  |  BYDDY.US | HK

(Image credit: CnEVPost)

China's purchase tax exemption for new energy vehicles (NEVs) expired at the end of last year and has been extended until the end of this year. Now, calls are starting to emerge for the policy to be renewed.

Wang Chuanfu, chairman and president of BYD (OTCMKTS: BYDDY), suggested in an April 1 speech at the China EV 100 Forum that China should extend the NEV purchase tax exemption to 2025, hoping the move would be fast-tracked to stabilize expectations, according to a video replay seen by CnEVPost.

Before 2023, China's policies to support the NEV industry include purchase subsidies as well as exemptions from purchase taxes.

NEV purchase subsidies have been reduced each year over the past several years on a set schedule and were completely withdrawn when they expire at the end of 2022.

The NEV purchase tax exemption originally expired at the end of 2017, but was renewed until the end of 2020 before it expired, and in March 2020, China renewed the policy until the end of 2022. Last year, the policy was renewed again until the end of 2023.

The world economy is currently in a difficult period of complexity and change, and dealing with risks and challenges requires firm confidence and stable expectations, Wang said, adding that many overseas countries are increasing their fiscal support for NEVs.

China's purchase subsidies for NEVs were withdrawn at the end of last year, and the exemption of NEV purchase tax has been clarified to continue until the end of this year, Wang noted.

Considering the long development cycle of NEVs, from product development and design to cost management, long-term arrangements need to be made, so he hopes the NEV purchase tax exemption policy will be extended, according to Wang's speech.

In addition to Wang, Meng Xia, head of sales for Volkswagen China, also suggested at the China EV 100 Forum event that China should extend the purchase tax exemption for NEVs beyond 2023 and develop a relatively stable policy framework.

It is worth noting that with the rapid growth of NEV penetration, the continued extension of the purchase tax exemption for such vehicles would mean a bigger loss in government tax revenue.

For the full year 2022, retail sales of new energy passenger vehicles in China were 5.67 million units, up 90 percent year-on-year and accounting for 27.6 percent of all new passenger vehicle sales, according to data released by the China Passenger Car Association (CPCA) in January.

In February, retail sales of new energy passenger vehicles in China were 439,000 units, up 61 percent year-on-year, contributing 31.6 percent of all passenger vehicle sales.

In the future, as the ownership of conventional internal combustion engine vehicles shrinks dramatically, the shortfall in national tax revenue will need to be filled by a tax system for electric vehicles, the CPCA said in a report released on August 9, 2022.

Taxing electric vehicles at the point of purchase and use and even at the point of retirement is a definite trend, the CPCA said at the time.

BYD aims to sell at least 3 million vehicles this year

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BYD Mar sales breakdown: Qin 40,850, Song 40,510

The Qin family of models sold a record 40,850 units in March, surpassing the Song family's 40,510 units to become the best-selling model for the month.

BYD today announced its new energy vehicle (NEV) sales for March and later provided a breakdown of the figures for different models.

The Qin family of models sold a record 40,850 units in March, making it the highest-selling BYD model for the month and contributing 19.8 percent of the NEV maker's passenger NEV sales in March.

The sales were up 64.74 percent from 24,797 units in the same month last year and up 33.76 percent from 30,540 units in February, according to data monitored by CnEVPost.

In the first quarter, the Qin family of models sold 85,575 units, up 12.83 percent from the same period last year.

On February 10, BYD let a facelift of the plug-in hybrid sedan Qin Plus DM-i go on sale, offering five versions with a starting price range of RMB 99,800 ($14,530) to RMB 145,800.

This is the first time BYD has made a model with its DM-i powertrain start at less than RMB 100,000.

The Song family -- the top-selling BYD model in many previous months -- sold 40,510 units in March, second only to the Qin family model.

Sales of the family models in March were up 51.56 percent from 26,729 units in the same month last year but down 22.69 percent from 52,400 units in February.

This is the lowest sales for the Song family of models since July 2022. The family sold a record 70,079 units in December of last year.

In the first quarter, Song family models sold 142,775 units, up 93.69 percent from the previous year.

The Yuan family sold a record 40,400 units in March, making it the third highest-selling BYD model for the month.

This represents a 213.64 percent increase from 12,881 units in the same period and a 20.20 percent increase from 33,612 units in February.

The Yuan family of models sold 97,243 units in the first quarter, up 219.56 percent from the same period last year.

BYD Dolphin also sold a record 30,077 units in March, up 186.42 percent year-on-year and 31.56 percent from February.

In the first quarter, BYD Dolphin sold 70,567 units, up 137.86 percent year-on-year.

The BYD Han family of models sold 13,550 units in March, up 9.64 percent year-on-year and up 9.77 percent from February.

The f Han family sold 38,109 units in the first quarter, up 10.69 percent year-on-year.

The BYD Tang family of models sold 12,133 units in March, virtually unchanged from 12,029 units in February and up 26.06 percent from a year ago.

Tang family models sold 33,052 units in the first quarter, up 13.54 percent from a year ago.

The BYD Frigate 07 sold 8,150 units in March, up 26.77 percent from February. The model went on sale on December 9, 2022.

The BYD Seal sold 6,000 units in March, down 22.62 percent from February. The model went on sale on July 29, 2022.

BYD Destroyer 05 -- which went on sale on March 17, 2022 -- sold 3,911 units in March, up 164.97 percent year-on-year but down 21.31 percent from February.

BYD announced earlier today that it sold 207,080 NEVs in March, including 206,089 passenger vehicles, and 991 commercial vehicles.

($1 = RMB 6.8690)

BYD sells 207,080 NEVs in Mar, up 6.9% from Feb

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BYD sells 207,080 NEVs in Mar, up 6.9% from Feb

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sold 207,080 new energy vehicles (NEVs) in March, up 97.45 percent from 104,878 units in the same month last year and up 6.93 percent from 193,655 units in February.

The company discontinued the production and sales of vehicles powered entirely by internal combustion engines in March last year to focus on the production of plug-in hybrids and pure electric vehicles.

BYD's NEVs include passenger cars as well as commercial vehicles, and they sold 206,089 units and 991 units in March, respectively.

Among these passenger vehicles, battery electric vehicle (BEV) sales were 102,670 units, up 91.32 percent from 53,664 units in the same month last year and up 13.27 percent from 90,639 units in February.

Plug-in hybrid vehicles (PHEVs) were 103,419 units, up 104.09 percent from 50,674 units in the same month last year and up 2.37 percent from 101,025 units in February.

In March, BYD sold 13,312 NEVs in overseas markets, down 11.27 percent from 15,002 units in February.

The company first announced overseas sales figures for NEVs in July 2022.

In addition to being China's largest NEV company, BYD is also the country's second-largest power battery maker.

BYD's installed power and storage battery capacity in March was about 9.891 GWh, up 84.77 percent from 5.353 GWh in the same month last year and up 10.49 percent from 8.952 GWh in February.

In the first quarter, BYD's NEV sales were 552,076 units, up 92.81 percent from 286,329 units in the same period last year, but down 19.22 percent from 683,440 units in the fourth quarter last year.

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BYD starts warming up for mini car Seagull

Previous reports suggested that the Seagull would be offered in both sodium-ion and lithium-ion battery-equipped versions, but this was not confirmed by BYD.  |  BYDDY.US | BYD HK

(Image credit: BYD)

BYD (OTCMKTS: BYDDY) is starting to warm up for a mini electric vehicle (EV) that is expected to become another major player in the segment.

BYD shared images of the new model, called the Seagull, on Weibo today, showing off details of its exterior.

The NEV (NEV) giant did not provide any information about the Seagull, although the model has appeared on a regulatory list in January and key specifications are known.

The BYD Seagull has a length, width and height of 3,780 mm, 1,715 mm and 1,540 mm, respectively, and a wheelbase of 2,500 mm.

As a comparison, the Dolphin – BYD's smallest model currently on sale -- has a length, width and height of 4,125 mm, 1,770 mm and 1,570 mm, respectively, and a wheelbase of 2,700 mm.

SAIC-GM-Wuling's current hot-selling Hongguang Mini EV has a length, width and height of 2,920 mm, 1,493 mm and 1,621 mm, respectively, and a wheelbase of 1,940 mm.

On March 28, Wuling officially launched the new EV model Binguo in China with a length, width and height of 3,950 mm, 1,708, mm and 1,580 mm, respectively, and a wheelbase of 2,560 mm.

BYD Seagull is equipped with a single motor with a maximum power of 55 kW and a top speed of 130 km per hour.

The model is available in 30 kWh and 38 kWh battery pack versions, with a CLTC range of 305 km and 405 km.

Last November 22, LatePost reported that BYD plans to mass produce sodium-ion batteries in the second quarter of 2023, and they will be featured in the Qin EV, Dolphin and new model Seagull.

The launch of the Seagull means BYD will increase its efforts in the sub-RMB 100,000 electric vehicle market, when competition in the segment becomes more intense, the report noted.

On November 30 last year, local automotive media Yiche reported that the Seagull may be the first BYD model to be equipped with sodium-ion batteries, with the model's launch expected in the second quarter of 2023.

The BYD Seagull will be offered with both sodium-ion and lithium-ion battery versions, with the former expected to cost as little as 60,000 yuan ($8,730) and the latter expected to cost 80,000 yuan, the report said.

The BYD Seagull equipped with sodium-ion batteries will have a range of 300 kilometers, while the lithium-ion version will have a range of 400 kilometers, according to the report.

It is worth noting that these reports have never been confirmed by BYD.

Earlier this month, images circulating on the Chinese Internet showed that the BYD Seagull would start at RMB 65,800 and would be launched on April 18.

BYD later called this false information and said that the estimated price range for the Seagull is RMB 80,000 to RMB 100,000.

($1 = RMB 6.8757)

BYD may launch new model with sodium-ion batteries in Q2 2023, report says

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BYD expected to unveil 1st model of F brand in Jun

The first model of 's F-brand, codenamed SF, will target the RMB 400,000 to 600,000 market.  |  BYDDY.US | BYD HK

BYD's yet-to-be-announced new brand, codenamed F brand, is expected to officially unveil its first model, codenamed SF, in June to target a market priced between RMB 400,000 ($58,380) and RMB 600,000, CnEVPost has learned.

The model will be built on a new BYD off-road platform and will be equipped with dual motors, front and rear differential locks, and electric interlock, a BYD insider said.

Xiong Tianbo, former head of BYD auto sales research institute, will be the general manager of the F brand's sales division, leading the brand's product planning, channel sales and brand building, the source told CnEVPost.

BYD said at an event marking the launch of the company's 3 millionth new energy vehicle (NEV) on November 16 last year that in addition to the Yangwang brand, BYD will launch a highly specialized and personalized new brand in 2023.

The new brand will meet the increasingly personalized needs of consumers, and it will focus on building with users, BYD chairman and president Wang Chuanfu said at the time.

Last month, local media reported that the brand's internal code name would be F brand. BYD later confirmed it.

Earlier this month, CnEVPost obtained several spy shots of the SF model with the number "2316" emblazoned on its body.

The 2 in the string refers to dual motors, the 3 refers to three locks, the 1 refers to a new platform and the 6 refers to a June release, the latest information suggests.

Here are more spy shots of the model obtained by CnEVPost.

The SF model's powertrain has a maximum output of more than 500 kW and will have a body-on-frame structure to compete with the Mercedes-Benz G-Class, previous information showed.

(1 $= RMB 6.8522)

Spy shots: This could be what BYD F-brand's 1st model looks like

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BYD aims to sell at least 3 million vehicles this year

aims to sell at least 3 million vehicles this year and strive to reach 3.6 million, said Wang Chuanfu, its chairman and president.  |  BYDDY.US | BYD HK

BYD aims to sell at least 3 million vehicles this year and will strive to reach 3.6 million, said Wang Chuanfu, the company's chairman and president.

BYD announced its 2022 annual report on March 28 and held an investor conference on March 29, where Wang revealed the target, according to a report by local media outlet Yicai today.

For the 3.6 million unit sales target BYD is striving to reach, 2.8 million will be in China and 800,000 in overseas markets, the report said, citing an insider at the company.

BYD sold 1,868,543 vehicles in 2022, including 1,863,494 NEVs. The company discontinued production and sales of vehicles powered entirely by internal combustion engines in March 2022.

The company sold 50,021 NEVs overseas from July to December 2022. It first announced overseas NEV sales figures in July 2022.

If it can achieve its sales target of reaching 2.8 million units in China, BYD will surpass the Chinese market record of 2.16 million sales held by FAW-Volkswagen, Yicai's report noted.

If it can reach 3.6 million units in global sales, BYD will be among the top 10 car companies in global auto sales this year.

BYD aims to become the largest automaker in China by the end of this year, Wang said.

BYD's retail sales of 316,417 units in January-February were the highest among all car companies in China, with an 11.8 percent share, according to a list released earlier this month by the China Passenger Car Association (CPCA).

Wang expects China's NEV sales to be 8.5 million to 9 million units in 2023, with penetration rates of up to 40 to 45 percent, and possibly exceeding 50 percent in some months.

This means that sales for all cars will be about 20 million units in China this year, with traditional fuel vehicles selling around 11 million units, a further reduction of about 4 million units from 2022.

In China's first-tier, second-tier and third-tier cities, consumers are already barely considering fuel vehicles when buying cars, Wang said.

BYD has pricing power in the price range of 100,000 yuan ($14,540) to 200,000 yuan, but the company wants to keep things steady, he said.

BYD doesn't want to make it hard for others and make it impossible for others to survive, Wang said.

He believes that ADAS algorithms and high-level assisted driving have been deified by people under the influence of capital, and that the market will slowly return to rationality.

Wang believes that the Chinese car market is highly competitive, while competition in overseas markets is not sufficient, and Chinese automakers will find no or few rivals when they go abroad.

Products that are competitive in China will still be competitive in overseas markets with a 20 percent price increase, he said.

In expanding overseas markets, a good strategy in the short term is to focus on countries without local car brands, rather than the United States, South Korea, Germany, Japan, France and other auto powerhouses, Wang said.

($1= RMB 6.8768)

BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

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Global EV battery market share in Jan-Feb: CATL 33.9%, BYD 18.2%

's share in January-February was the same as in January, while saw its share rise.

CATL and BYD remained the top two players in the global EV battery market in the first two months, with the former's share remaining stable and the latter rising.

In January and February, the total battery consumption of EVs registered in each country was about 75.2 GWh, up 39.0 percent from the previous year, according to data released today by South Korean market research firm SNE Research.

CATL's battery installed base in January-February was 25.5 GWh, up 34 percent from 19.0 GWh in the same period last year.

The Chinese battery giant continues to rank first with a 33.9 percent share, the only global battery maker with a share of more than 30 percent.

CATL's share in January-February was the same as in January, but down 1.2 percentage points from 35.1 percent a year ago.

CATL's batteries are in high demand in passenger cars, including Model 3, Model Y, SAIC's Mulan, ET5 and the Chinese commercial vehicle market, and is expected to maintain its No. 1 position, SNE Research said.

BYD installed 13.7 GWh of power batteries in January-February, up 122.6 percent from 6.1 GWh in the same period last year.

The company ranked second with 18.2 percent market share in the first two months, up from 11.3 percent in the same period last year and up from 17.6 percent in January.

BYD is gaining traction in China's domestic market with its competitive pricing by establishing a vertically integrated supply chain management, including self-supply of batteries and vehicle manufacturing, SNE Research said.

LG Energy Solution saw a 51.9 percent year-on-year increase in power battery installed base of 10.0 GWh in January-February.

The South Korean company ranked third in the world with a 13.3 percent share, up from 12.2 percent a year earlier.

Japan's Panasonic ranked fourth with a 10.4 percent share, South Korea's SK On was fifth with 5.5 percent and Samsung SDI was sixth with 4.9 percent.

China's CALB, Gotion High-tech, Eve Energy and Sunwoda ranked seventh, eighth, ninth and tenth respectively, with shares of 3.4 percent, 2.0 percent, 1.8 percent and 1.4 percent respectively in January-February.

CATL's share in global EV battery market slips in Jan, BYD rises

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