Chinese EV maker BYD sold a record number of EV and hybrid vehicles in Q2 2024, Bloomberg reports.
Analysis indicates that price cuts and new tech help to spur consumers into purchases.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
As China’s best-selling brand, the EV maker sold nearly 1 million models over the period, which were driven by the firm’s decision to reduce prices across most models earlier this year.
In terms of purely electric vehicles, the firm’s quarterly sales of 426,000 units means it is poised to possibly overtake Tesla as the biggest seller of EVs globally again.
Tesla has been projected by analysts to sell 439,301 EVs in the Q2 2024 and is experiencing a sales dip in key markets like China and Europe.
In the period between April and June, BYD sold a record 982,747 passenger vehicles.
In June, Bloomberg reports that amounted to 340,211 electric and hybrid passenger vehicles, also a record on a monthly basis.
In addition, exports rose over 100,000 for the first time in a quarter as trade tensions increased.
