BYD just shattered its 2024 delivery goal after another record-breaking sales month
China’s leading EV maker has already sold more vehicles this year than expected. After another record-breaking sales month in November, BYD officially topped its 2024 delivery goal as demand heats up.
BYD tops its 2024 delivery goal as sales hit new record
BYD sold 506,804 new energy vehicles (NEVs) in November, topping the previous record of 502,657 set last month. It was also BYD’s second straight month crossing the 500,000 sales mark.
Of the 504,003 passenger vehicles sold last month, 305,938 were plug-in hybrids (PHEVs), while the remaining 198,065 were all-electric (EV).
BYD’s EV sales rose 16% year-over-year (YOY) and 4% from the roughly 190,000 sold in October 2024. Although PHEV sales were up 133% YOY, it was a slight decrease from the 310,912 sold last month, breaking BYD’s eight-month streak with higher PHEV sales.
The record-breaking November sales were enough to push BYD over its 2024 delivery goal, and it still has another month left.
With 3,740,930 passenger vehicles sold through November, BYD officially topped its target of delivering 3.6 million units this year.
Morgan Stanley analyst Tim Hsiao’s team claimed BYD was raising its target to 4 million, but the company denied the report in September. According to CnEVPost, BYD’s general manager, Li Yunfei, explained that although “current orders and sales are really good,” he didn’t hear anything about raising the goal.
The accomplishment comes after BYD built its ten millionth NEV last month. On November 18, BYD announced it was the “world’s first automaker to achieve the rollout of the ten millionth new energy vehicle.”
Through the first ten months of 2024, BYD has sold over 1.5 million EVs. Tesla delivered over 1.3 million through September, but since it doesn’t report monthly sales numbers, we will have to wait until the end of 2024 to find out which company will take the EV crown at the end of 2024. Stay tuned for more.
Electrek’s Take
BYD continues to be a force to be reckoned with. After its second straight month of selling over 500,000 vehicles, the EV leader is closing in on global automakers like Ford.
For the first time in Q3, BYD delivered more vehicles than Ford, Nissan, and Honda. Will it continue climbing the global auto ranks?
BYD is best known for its ultra-affordable EVs, like the best-selling Seagull, which starts at under $10,000 (69,800 yuan) in China. Meanwhile, the company is quickly expanding into new segments, with new pickup trucks, smart midsize SUVs, and luxury EVs hitting the market.
As other automakers, including Ford, are scaling back, BYD is on a major hiring spree as it ramps up production to meet demand.
Source: CarNewsChina, BYD
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According to a Tesla Semi customer, the electric truck program is suffering more delays and a price increase that is described as “dramatic.”
Tesla Semi has seen many delays, more than any other vehicle program at Tesla.
It was initially unveiled in 2017, and CEO Elon Musk claimed that it would go into production in 2019.
In late 2022, Tesla held an event where it unveiled the “production version” of the Tesla Semi and delivered the first few units to a “customer-partner”: PepsiCo.
More than 3 years later, the vehicle never went into volume production. Instead, Tesla only ran a very low volume pilot production at a factory in Nevada and only delivered a few dozen trucks to customers as part of test programs.
But Tesla promised that things would finally happen for the Tesla Semi this year.
Tesla has been building a new high-volume production factory specifically for the Tesla Semi program in a new building next to Gigafactory Nevada.
The goal was to start production in 2025, start customer deliveries, and ramp up to 50,000 trucks yearly.
Now, Ryder, a large transportation company and early customer-partner in Tesla’s semi truck program, is talking about further delays. The company also refers to a significant price increase.
California’s Mobile Source Air Pollution Reduction Review Committee (MSRC) awarded Ryder funding for a project to deploy Tesla Semi trucks and Megachargers at two of its facilities in the state.
Ryder had previously asked for extensions amid the delays in the Tesla Semi program.
In a new letter sent to MSRC last week and obtained by Electrek, Ryder asked the agency for another 28-month delay. The letter references delays in “Tesla product design, vehicle production” and it mentions “dramatic changes to the Tesla product economics”:
This extension is needed due to delays in Tesla product design, vehicle production and dramatic changes to the Tesla product economics. These delays have caused us to reevaluate the current Ryder fleet in the area.
The logistics company now says it plans to “deploy 18 Tesla Semi vehicles by June 2026.”
The reference to “dramatic changes to the Tesla product economics” points to a significant price increase for the Tesla Semi, which further communication with MSRC confirms.
In the agenda of a meeting to discuss the extension and changes to the project yesterday, MSRC confirms that the project went from 42 to 18 Tesla Semi trucks while the project commitment is not changing:
Ryder has indicated that their electric tractor manufacturer partner, Tesla, has experienced continued delays in product design and production. There have also been dramatic changes to the product economics. Ryder requests to reduce the number of vehicles from 42 to 18, stating that this would maintain their $7.5 million private match commitment.
In addition to the electric trucks, the project originally involved installing two integrated power centers and four Tesla Megachargers, split between two locations. Ryder is also looking to now install 3 Megachargers per location for a total of 6 instead of 4.
The project changes also mention that “Ryder states that Tesla now requires 600kW chargers rather than the 750kW units originally engineered.”
Tesla Semi Price
When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.
However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2023. Price increases have been speculated, but the company has never confirmed them.
New diesel-powered Class 8 semi trucks in the US today often range between $150,000 and $220,000.
The combination of a reasonable purchase price and low operation costs, thanks to cheaper electric rates than diesel, made the Tesla Semi a potentially revolutionary product to reduce the overall costs of operation in trucking while reducing emissions.
However, Ryder now points to a “dramatic” price increase for the Tesla Semi.
What is the cost of a Tesla Semi electric truck now?
Electrek’s Take
As I have often stated, Tesla Semi is the vehicle program I am most excited about at Tesla right now.
If Tesla can produce class 8 trucks capable of moving cargo of similar weight as diesel trucks over 500 miles on a single charge in high volume at a reasonable price point, they have a revolutionary product on their hands.
But the reasonable price part is now being questioned.
After reading the communications between Ryder and MSRC, while not clear, it looks like the program could be interpreted as MSRC covering the costs of installing the charging stations while Ryder committed $7.5 million to buying the trucks.
The math makes sense for the original funding request since $7.5 million divided by 42 trucks results in around $180,000 per truck — what Tesla first quoted for the 500-mile Tesla Semi truck.
Now, with just 18 trucks, it would point to a price of $415,000 per Tesla Semi truck. It’s possible that some of Ryder’s commitment could also go to an increase in Megacharger prices – either per charger or due to the two additional chargers. MSRC said that they don’t give more money when prices go up after an extension.
I wouldn’t be surprised if the 500-mile Tesla Semi ends up costing $350,000 to $400,000.
If that’s the case, Tesla Semi is impressive, but it won’t be the revolutionary product that will change the trucking industry.
It will need to be closer to $250,000-$300,000 to have a significant impact, which is not impossible with higher-volume production but would be difficult.
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