BYD has just rolled out new, budget-friendly hybrid electric vehicles that can travel an impressive 1,300 miles without needing to recharge or refuel. This exciting development is set to shake up the electric vehicle (EV) market.
Rising EV Sales in China
Experts expect China’s EV sales to bounce back in May after a slow start earlier this year, which was partly due to seasonal factors and ongoing price competition.
BYD: Tesla’s Main Competitor
BYD’s Strong Sales
In May, BYD, Tesla’s biggest rival, sold 331,817 EVs. This is a 5.9% increase from April and a 38.1% jump from the same time last year. While this is slightly below December’s record of 341,043, it includes 184,093 plug-in hybrids (PHEVs) and 146,395 fully battery electric vehicles (BEVs).
Innovative Technology
BYD’s latest boost in sales is thanks to its new fifth-generation hybrid electric powertrain technology, launched on May 28. This tech can cover 2,100 kilometers (1,305 miles) on a full charge and tank, with some real-world tests reaching 2,500 kilometers. That’s about double the range of the longest-range hybrids currently available in the U.S.
New Models and Pricing
BYD has also introduced new models: the Qin L and Seal 06, both featuring the latest hybrid tech and starting at under RMB 99,800 ($14,000). They began deliveries just before the end of May, along with the all-electric Sea Lion 07 crossover, which competes with Tesla’s Model Y.
Market Reaction
BYD’s stock saw a 5% increase in Hong Kong trading, though it dipped slightly by 0.7% on Friday. The shares have recently regained their 50-day and 200-day moving averages.
How Other EV Makers Are Doing
Li Auto
Li Auto delivered a record 35,020 EVs in May, up 35.8% from April and 23.85% from last year. The new L6 SUV, which is an extended-range electric vehicle (EREV), has been particularly popular since its April launch.
Nio
Nio delivered 20,544 EVs in May, a 31.5% increase from April and a 233.8% jump from last year. So far this year, Nio has delivered 66,217 vehicles, up 51% from the previous year. They also recently launched the Onvo L60 EV, aimed at the mass market.
XPeng
XPeng delivered 10,146 EVs in May, marking an 8% increase from April and a 35.2% rise from last year. They are expected to unveil a new model from their affordable Mona sub-brand in June.
Zeekr
Zeekr, part of the Geely auto giant, delivered 18,616 EVs in May, setting a record for the second month in a row. This represents a 15.7% increase from April and a 114.5% rise from last year. So far this year, Zeekr has delivered 67,764 vehicles, up 111.7% from the previous year.
BYD’s new hybrid electric vehicles and the fierce competition among other EV makers like Li Auto, Nio, XPeng, and Zeekr highlight the fast-changing and exciting landscape of the EV market. With these companies pushing boundaries and launching innovative products, the race to lead the global EV market is heating up.