BYD rolls 9 millionth NEV off its assembly lines with 1 million built in last 3 months alone
Yes, you read that correctly. Nine million new energy vehicles (NEVs) built. Chinese automaker Build Your Dreams (BYD) continues to gain momentum as a globally recognized brand, having built three million NEVs in the past three months, bringing its cumulative total to nine million.
We’ve said it plenty of times, but we’ll say it again—if you haven’t heard of BYD yet, you will. The Chinese multinational manufacturing conglomerate spearheaded by BYD Auto is approaching its 30th anniversary, but it’s the company’s strides in New Energy Vehicles in recent years that have truly put it on the global map.
The automaker has been expanding to new markets outside of China and recently claimed the top spot as the world’s largest automaker by R&D workforce. Back in its native China, BYD continues to deliver some of the best-selling models, including the ultra-affordable Seagull BEV.
Production appears to be keeping up with BYD’s rapid expansion as well. In May 2021, the automaker produced its one-millionth NEV, then tripled that number a mere 18 months later. Nine months after that, BYD celebrated its five millionth NEV build.
This past March, the automaker celebrated its seven millionth build, followed by a record sales month in July that included 342,000 units. By August, BYD had surpassed the one million sales mark for 2024 with no signs of slowing down.
Today, BYD is celebrating its latest production milestone, reaching nine million NEV builds by rolling a 1,200 hp Yangwang U9 hypercar off its assembly lines in China.
BYD has quickly become a powerhouse in NEV production
BYD celebrated its nine millionth NEV build in style with its ultra-sleek (and super-fast) Yangwang U9. The two-seat electric supercar starts at a price of RMB 1.68 million ($238,930) – currently the most expensive model in BYD’s lineup.
Of the nine million builds to date, BYD says one million came in the last three months alone, having built a Dolphin EV at its Thailand plant as its eight millionth build on July 4. Such quick output clearly showcases a bolstering of production in toe with its growing staff, portfolio, and markets it is selling in.
From January to August 2024, BYD reports selling 2,328,449 NEVs, a 29.92% year-over-year increase. While BYD continues to grow in size and brand recognition, the Chinese automaker still has not shared any plans to enter the US. Instead, it is working on a massive production facility in Mexico and previously shared intentions to begin selling its EVs in Canada. However, that was before our neighbors to the North matched the Biden administration’s 100% tariff on Chinese vehicle imports.
Still, BYD has been staring down the barrel of tariffs in the EU, yet is still finding success in its markets despite lower profits from the higher levies. While it gears up for North American market entry (sans the US), BYD continues to bolster its fleet of car carrier ships for international markets.
On the EV battery front, BYD is also gaining ground on CATL – the global leader in the segment for seven years running. BYD is one of the most exciting NEV automakers to watch right now, and I’m sure Electrek will follow up with more news surrounding the brand and its all-electric marques soon. Stay tuned.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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