Tesla's Rival BYD Reports 88% Increase In Japan Sales In H1: Report

Author: Shivani Kumaresan | July 15, 2024 08:22am

BYD Company (OTC:BYDDY), a Chinese new energy vehicle (NEV) manufacturer, reportedly sold 1,084 vehicles in Japan during the first half of 2024.

This represents an 88% year-on-year increase, placing BYD at No. 14 in Japan’s automobile import sales rankings, up from No. 19 last year.

Despite these gains, BYD’s sales figures remain modest in Japan, reported CnEVPost.

BYD entered the Japanese passenger car market in July 2022 and began selling electric vehicles (EVs) in January 2023.

The Atto 3, known as the Yuan Plus in China, was its first model available in Japan. BYD expanded its offerings with the Dolphin compact EV last September and the Seal EV in June this year, per the report.

Currently, BYD operates 55 stores in Japan, with plans to increase to 90 by the end of 2024. The company has not yet introduced its plug-in hybrid electric vehicle (PHEV) models to the Japanese market.

Also Read: Tesla’s Top Rival BYD Clinches $1B EV Manufacturing Plant Agreement With Turkey

In the first half of 2024, BYD sold 203,404 NEVs internationally, a 173.8% increase year-on-year, which contributed 12.6% to its total NEV sales of 1.61 million. The Japanese market accounted for 0.5% of BYD’s overseas sales during this period, the report further added.

Japan’s imported vehicle sales dropped 7% to 113,887 units in the first half of the year. However, pure electric vehicles rose by 17% to 10,785 units, representing nearly 10% of all imported cars. EVs’ market share increased by 2 percentage points to 9.5% compared to the same period last year.

Price Action: BYDDY shares are trading lower by 0.28% at $62.88 in premarket at last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

Read Next:

• Chinese EV Maker Leapmotor’s Global Ambitions Boosted By Stellantis

Posted In: BYDDY