Investment Summary
Sales Volume Soars by 163% YoY in June
The latest sales data show that BYD’s new energy vehicle sales hit another record high in June: a total of 134,036 new energy vehicles were sold, up163% yoy and 17% mom, which is expected to be higher than the overall rise in domestic new energy vehicles. The cumulative sales volume for the first six months was 641,350 units, up 314.9% yoy, reaching 43% of the annual sales target of 1,500thousand units.
From the perspective of different types, the sales volume of new energy commercial vehicles was 274 units in June, down 78% yoy and 64% mom. The sales volume of pure electric passenger vehicles was 69,544 units, up 247% yoy and 30% mom, while the sales volume of plug-in hybrid electric vehicles was 64,218 units, up 219.5% yoy and 5.6% mom. The cumulative sales volume for the first six months was 323,519 and 314,638 units, respectively, up 246% yoy and 454% yoy. The former was mainly driven by the expansion of production at the Shenzhen plant, while the latter’s slightly lower yoy growth was due to the impact of the shutdown of the Changsha plan for investigation..
A Number of Models Continue to Be Sold Well, and New Vehicle Models Are Launched Intensively
The overall vehicle market picked up in June as the resumption of work and production continued. With strong product competitiveness, the flagship model of the Dynasty series, Han, saw hot sales, recording sharp increases for several months in a row. In June, its sales volume exceeded 20 thousand units for two consecutive months, reaching 25,439 units, up 203% yoy, of which the delivery of Han DMI was up 386% yoy and that of Han EV closed to 13 thousand units. The cumulative sales volume for the first six months exceeded 250 thousand units, continuing to lead the sedan segment of the same class.
The sales of other models of the Dynasty series was also high: 8,134/26,623/32,077/19,731 units of the Tang/Qin/Song/Yuan series were sold in June, up 159%/71.7%/113%/1494% yoy, with a cumulative sales volume of 55,825/146,737/163,356/78,662 units in the first six months.
In addition, the Destroyer 05/Dolphin/e series recorded a sales of 7,464/10,376/3,918 units,
respectively.
This year and next are major product years for BYD, which is expected to launch no less than 20 new vehicle models in total, including facelifts. This year, the Destroyer 05, Seal, Denza D9, 22 Tang EVs, 22 Han EVs, DM-i, DM-p and Qin Plus DM-i have already been launched, and in the second half of the year and next year, BYD will continue to launch Denza SUVs, the Warship series, Sea Lion and Seagull. The product matrix will be further improved and, judging from the current optimistic pre-sale situation, the product unit price is expected to continue to see upward breakthrough.