(Original title: BYD’s new energy vehicles sold 640,000 units in the first half of the year, an increase of more than 3 times the rapid rise in sales of plug-in hybrids, and the growth rate far exceeds that of pure electric vehicles)
On the evening of July 3, BYD (002594) disclosed the production and sales report for June 2022. The sales volume of new energy vehicles in June was 134,000, and the cumulative sales this year was 641,300, a year-on-year increase of 314.90%.
This increase is in line with the new energy vehicle data disclosed by Xiaokang (601127) two days ago. According to the announcement of Xiaokang Co., Ltd. on July 1, the company’s sales of new energy vehicles in June were 12,400 units, and the sales volume in the first half of the year reached 45,600 units, a year-on-year increase of 204%. This data mainly comes from the blessing of the Celis brand, which has strategic cooperation with Huawei.
In addition to A-share listed companies, the new force “Wei Xiaoli” also handed over 10,000 sales in June. From the perspective of the mesoscopic industry, when the favorable policies are frequent, good news has been reported in the sales of new energy vehicles this year. The data previously disclosed by the Passenger Federation showed that the cumulative retail sales of new energy passenger vehicles from January to May was 1.712 million, a year-on-year increase. 119.5%.
Whether it is from the data disclosed by BYD today or from the data previously disclosed by Xiaokang, the sales growth rate of top new energy vehicles is higher than the average growth rate of the new energy passenger vehicle market.
Although it is not clear in the announcement, from the perspective of industry laws, the surge in sales of new energy vehicles in June is closely related to the effect of the stimulus policy. With the strong introduction of the national purchase tax policy and the relative liberalization of epidemic prevention and control, governments at all levels have successively issued a series of policies to boost the economy and promote consumers, which has promoted the recovery of the auto market.
Dismantling BYD’s June production and sales express report, there are three data points to watch.
First of all, the so-called new energy vehicle production and sales have increased significantly, mainly pointing to passenger cars. Among them, pure electric and plug-in hybrid sales in the first half of the year were 323,500 and 314,600 respectively, a year-on-year increase of 246.23% and 454.22%.
From the perspective of commercial vehicles, there is a year-on-year decline in the cumulative data this year. Data show that in the first half of this year, the cumulative production and sales of BYD commercial vehicles were 3,193 and 3,193 respectively, with a decline of 26.9%.
Secondly, it is worth paying attention to the data of fuel vehicles. According to the announcement, the production and sales of BYD fuel vehicles were zero in June, and the cumulative production and sales this year were 4,635 and 5,049, down 95% and 94% year-on-year, respectively.
Among China’s leading autonomous car companies, whether it is Great Wall, Great Wall or Geely, they are all facing a very important problem – the transition between fuel vehicles and electric vehicles.
At present, BYD takes the lead among the camps to fully embrace new energy. In particular, a notice in April this year made BYD the first vehicle company in the world to stop the production of fuel vehicles. So far, BYD has completely transformed into a vehicle company focusing on the field of new energy vehicles. This corresponds to the inflection point of BYD’s new energy transition period in 2021, and the annual sales of fuel vehicles and new energy models are “low and high” for the first time.
Third, in the announcement on the same day, BYD also disclosed that the company’s total installed capacity of new energy vehicle power batteries and energy storage batteries in June 2022 is about 6.859GWh, and the total installed capacity in 2022 is about 34.042GWh.
For this data, BYD did not give a clear increase ratio. Looking back at the announcement in the same period in 2021, the total installed capacity of new energy vehicle power batteries and energy storage batteries in June last year was about 2.777GWh, and the cumulative installed capacity in the first half of last year was about 12.707GWh. It can be seen that the increase is also obvious. As the new energy vehicle industry is entering a new round of innovation iteration cycle, the supply chain is one of the important forces driving the accelerated development of the industry. From the total installed capacity disclosed by BYD, it can also be seen that the industry’s prosperity has risen.
Looking at the market performance of new energy vehicles this year, it has not been smooth sailing. First, sales declined due to the seasonal factors of the Spring Festival in February, and then in April, production was stagnant and the market was shut down due to the impact of the epidemic. However, from BYD’s perspective, the sales of new energy vehicles in the first half of the year have come out of the “W bottom”.
This expectation has been reflected in the secondary market. At present, BYD’s market value has stabilized at one trillion.
However, the competition in the new energy vehicle market will inevitably become more intense in the future. Taking the second half of the year as an example, the second model of AITO, a partnership between Celis and Huawei, will be launched soon. After next year, more Internet companies such as Baidu and Xiaomi will build cars in batches. How the new energy vehicle market will be interpreted and whether the “Matthew Effect” will continue to appear, it will take time to give the answer.