China’s leading EV maker, BYD, set a new monthly NEV sales record as it battles for market share in an increasingly competitive market. The growth after BYD slashed prices on some of its top-selling electric vehicles. Will it be enough to top Tesla in the second quarter?
BYD sold 341,658 new energy vehicles (NEVs) last month, its highest monthly total ever. After NEV sales surged 35% from last year, BYD surpassed its previous 341,043 NEVs sold in December 2023.
Of them, 145,179 were all-electric, up 13% from the 128,196 sold last June. However, it wasn’t enough to top the 146,395 sold in May.
BYD sold 726,153 fully electric vehicles in the first half of 2024, up 18% from the 616,810 EVs sold in the first half of 2023.
The other 195,032 vehicles sold last month were plug-in hybrids, up 58% YOY. BYD’s PHEV sales have hit a new record for the past four months now.
BYD also sold 26,995 vehicles overseas as it expands into new markets to boost growth. Meanwhile, the BYD’s biggest growth driver is being driven by fierce price cuts.
BYD tops monthly sales record amid China’s EV price war
BYD’s sales are picking up after starting a “liberation battle” earlier this year, targeting foreign gas-powered cars with lower prices.
BYD’s cheapest EV, the Seagull, starts at just $9,700 (69,800 yuan) in China. Overseas, it starts at around $20,000. Lower-priced versions of its top-selling Atto 3, Dolphin, and Seal EVs are also hitting the market.
The new models are rolling out in overseas markets like Japan and South Korea as BYD looks to rival Toyota and Hyundai in their domestic markets.
BYD launched its third EV in Japan last week, the Seal EV, starting at ¥5.28 million, or around $33,100.
The Seal, BYD’s answer to the Tesla Model 3, is expected to reach South Korea by the end of the year.
Although BYD is best known for its affordable EVs, the auto giant is expanding into new markets like luxury, mid-size SUVs, pickups and supercars. Its new Yangwang U9 electric supercar was spotted racing around the Nurburgring last week (see the video here). Starting at $233,400 (1,680,000 yuan), the +1,200 horsepower U9 is aimed at Ferrari and Lamborghini.
BYD also launched the Sea Lion 07 in May, its first “medium-sized urban smart electric SUV.” Starting at 189,800 yuan ($26,250), BYD’s new electric SUV undercuts Tesla’s top-selling Model Y, which starts at 249,900 yuan ($34,550) in China.
Meanwhile, BYD will deal with new tariffs in Europe on Chinese imports. Although some project it could impact sales, BYD makes more on some EVs sold in the EU than in China and may be able to absorb the extra duties.
Will BYD’s price cuts and new models be enough to top Tesla again? BYD sold 426,039 EVs in the second quarter of 2024, up 42% from Q1. Wall St is projecting Tesla will sell around 450,000, and China will be key to hitting its target.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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