Shulou(Shulou.com)11/24 Report--

Halfway through 2023, major car brands have handed in their first-half sales reports.

KuaiBao, whose production and sales were disclosed by BYD on July 2, showed that BYD sold 253000 vehicles a month in June this year, breaking the 250,000 mark for the first time.

Looking back at the first half of 2023, BYD sold a total of 1.2556 million new energy vehicles. Tesla, BYD's biggest competitor in the world, delivered 889000 vehicles in the first half of this year. This means that a year after announcing the suspension of fuel vehicles, BYD has once again become the top seller of new energy in the world.

Li Yunfei, general manager of BYD's brand and public relations department, said in an interview at the Shanghai auto show in April that BYD had targeted sales of 3 million units this year. Given the low sales season at the beginning of the year and the peak sales season at the end of the year, it is not difficult for BYD to achieve this goal.

Some analysts pointed out that BYD's sustained sales growth since 2020 comes from its long-term technology reserves in the field of new energy vehicles. Since 2020, BYD has successively released exclusive motorized technologies such as blade battery, DM-i super hybrid, e-platform 3.0, CTB body battery integration, Yi Sifang and Yunqi, and has achieved subversive innovation in battery, motor, electric control and new energy vehicle design. And these innovations have been recognized by the market.

The above-mentioned analysts pointed out that BYD's sales and performance growth in 2023 came more from two levels-multi-brand building and overseas strategy.

At present, in terms of brand building, in addition to the dynasty of BYD brand and marine product line, BYD Group has also planned three new brands: momentum, look up and equation Leopard. Among them, the momentum brand has achieved a sales explosion in 2023.

At present, the sales volume of Tengli mainly comes from a product of Teng Teng D9. Delivery of the D9 began in October 2022, and due to the climbing of the initial capacity, the total delivery volume of the Tengli D9 was only 9803 in the three months of 2022. However, in 2023, the delivery volume of Tengli D9 has increased rapidly and has exceeded 10,000 for four consecutive months. For a model with an average price of 420000 yuan, this achievement has attracted the attention of the industry.

In addition to the momentum, BYD's high-end brand is scheduled to go public in August and be delivered in September. Another new brand, equation Leopard, which focuses on "professionalism and personalization", is expected to be released in August. These two new brands will help BYD open up new markets of more than 300000 yuan and further boost sales and profits.

Overseas markets, another source of increment for BYD, have also seen a big increase in sales this year. Of BYD's 1.5m sales in the first half of the year, 74300 came from overseas markets, more than last year's total.

Public data show that at present, BYD new energy passenger cars have entered 53 countries and regions, including Japan, Germany, Australia, Singapore, Thailand, Brazil, New Zealand and so on. In some national markets, such as Israel and Thailand, BYD has taken the lead in new energy vehicle sales.

It is worth noting that BYD entered the international market as early as the last century. But before 2022, BYD's overseas business was dominated by batteries, energy storage and commercial vehicles, and the overseas passenger car business did not begin to expand fully until 2022. Among Chinese car brands, BYD's export volume is not large, but its growth rate is in the forefront.

At the same time, BYD's overseas sales growth still has great potential.

At the BYD shareholders' meeting in June, BYD President Wang Chuanfu said that due to the problems of overseas channel construction and model certification, BYD went out to sea at a slow pace, but after the dolphin completed the certification, BYD's overseas sales are expected to rise again.

"if the dolphin export certification is passed from June to July this year, it is believed that the company's monthly overseas export sales will be more than 10,000 vehicles." Wang Chuanfu said.

BYD's sales growth has also raised optimistic expectations for it. A few days ago, JPMorgan Chase released a research report that raised the target price of BYD's H shares from HK $275 to HK $300 and maintained its "overweight" rating. In addition, JPMorgan raised BYD's sales forecast to 2.8 million from 2.6 million.

From the announcement of first-half sales on July 2 to the close on July 6, BYD A shares rose 3.56% to close at 268.10 yuan.

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