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On February 1, BYD announced its first monthly sales report in 2024. Data show that BYD sold 201500 cars in the first month of the year, up 33.14% from a year earlier. Among them, 105300 pure electric models were sold and 95700 plug-in hybrids were sold.

Judging from the first monthly sales answer, BYD's sales fell significantly and the growth rate of monthly sales slowed significantly after hitting the target in December 2023. For comparison, the first-month sales of ideal cars increased by 105.8% year-on-year, polar krypton increased by 302.34%, and the boundary increased by 636.83%. Of course, BYD's sales of 201500 vehicles are still far ahead of other car companies.

At present, BYD has launched four major brands, including BYD, Teng Teng, equation Leopard and look up, among which the BYD brand is responsible for BYD cars, with January sales of 185100 vehicles, accounting for 91.9% of BYD's total car sales. As the responsibility of BYD's car sales, the BYD brand will launch a number of new cars in 2024, including Qin L and Yuan UP, Haishi 07 and the first hard pickup truck.

Overseas market is the key for BYD to open up incremental space, and BYD made substantial progress in the layout of overseas markets in the past January.

On January 29th, BYD held a brand launch and launch conference of new models in Rwanda, and officially launched a new pure electric model-PLUS (overseas known as BYD ATTO 3) for the local market, officially opening a new pattern for BYD in Rwanda. It is understood that BYD has reached a cooperation with CFAO Mobility, a well-known local car dealer group.

On January 30, BYD formally signed the land pre-purchase agreement for BYD's Hungarian passenger car factory with the Hungarian Segard municipal government, marking a substantial breakthrough in the process of BYD's localization in Europe. It is understood that the plant will be completed and put into operation within three years, mainly producing passenger car models sold in Europe, becoming BYD's first new energy passenger car factory in Europe.

At present, BYD's new energy vehicle footprint has covered six continents and more than 400 cities in more than 70 countries and regions. Data show that BYD exported 36200 cars in January, an increase of 247.5 percent over the same period last year, making it the Chinese brand with the largest number of new energy vehicle exports. Some research reports believe that BYD's accelerated layout of overseas markets is expected to usher in rapid development in Europe, Southeast Asia and Australia, and export sales are expected to reach 500000 vehicles in 2024.

However, the Tramway report found that BYD was overtaken by Geely. According to data disclosed by Geely Holdings, Geely Holdings sold a total of 213400 vehicles in January 2024, an increase of 110.5% over the same period last year. From the perspective of wholesale volume, BYD has lost its position as the number one automaker in the country. In terms of brands, the Geely brand grew 98 per cent year-on-year to 172800, polar krypton 302 per cent to 12500 and Lecker 155 per cent to 28200.

In response to Geely's overtaking BYD in sales, Yang Xueliang, vice president of Geely Holdings, said on Weibo, "Don't compare like this, let's make progress together!" From the perspective of the new energy vehicle market, BYD is still the largest manufacturer of new energy vehicles in China. Although Geely surpasses BYD, the overall sales proportion of new energy vehicles is not high, including 36300 pure electric vehicles and 29500 plug-in hybrids.

It is understood that BYD's expected sales target in 2024 is 4.5 million vehicles, an increase of 1.5 million vehicles over 2023, which is equivalent to the one-year sales level of mainstream automakers. According to the results of 201500 vehicles in January, its average monthly sales need to reach about 400000 vehicles. This is not a small number, equivalent to the total sales of North and South Volkswagen, while Geely Holdings's target is more conservative, with a sales target of 1.9 million vehicles. The target growth rate is only 12.6%.

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