China’s EV market: BYD sets new sales record in June, signalling recovery in demand after failed price war

BYD, the world’s biggest electric vehicle (EV) maker, sold more than a quarter of a million units in June, beating the record it set just a month earlier in the latest sign that a recovery in mainland China’s battery-powered car industry is on a solid footing.

The Shenzhen-based carmaker backed by Warren Buffett’s Berkshire Hathaway shifted 253,046 cars last month, a 5.3 per cent increase over the 239,092 cars delivered in May, it said in a filing to the Hong Kong stock exchange on Sunday evening.

In the first half of 2023, BYD handed 1.26 million vehicles to customers, almost double the figure a year ago. The carmaker reported 1.86 million deliveries for the whole of 2022, which was three times higher than its sales in 2021.

“BYD’s record monthly sales prove that the Chinese EV market is back on the fast track,” said Chen Jinzhu, chief executive of Shanghai Mingliang Auto Service, a consultancy. “Its June sales number looks impressive, showing that an increasing number of Chinese motorists are shunning petrol cars and choosing battery-powered vehicles.”