BYD becomes the first automaker to reach 10 million plug-in vehicles

Located in Shenzhen, China, BYD was founded by a Chinese chemist in 1995 and started out producing batteries. Shortly after its founding, the company began providing batteries for Motorola and Nokia, launching the company into the spotlight. 

Thanks to its explosive growth, BYD bought Xi’an Qinchuan Automobile in 2003, officially kicking off its expansion into the automotive industry. Now, 21 years later, BYD marked a historic moment by becoming the first automaker to produce 10 million plug-in vehicles.

BYD produced 5 million NEVs in 15 months
Producing 10 million new energy vehicles (NEVs), which include both plug-in hybrid and electric vehicles, is no easy feat. BYD took 15 years to manufacture its first five million NEVs but managed to produce the next five million in just 15 months.

The 10 millionth plug-in vehicle to roll off the line was a DENZA Z9 for Feng Ji, founder and CEO of Game Science, the studio that created Black Myth: Wukong, a critically acclaimed video game.

The DENZA Z9 is available as either a plug-in hybrid or all-electric vehicle. The PHEV version features a 2.0-liter turbocharged engine mated to three electric motors. It’s capable of hitting 60 MPH in just 3.6 seconds and has a range of around 680 miles. The battery-powered version comes equipped with three electric motors. The DENZA Z9 EV races to 60 MPH in just 3.4 seconds and offers a range of around 390 miles on a single charge.

BYD has put legacy automakers on their toes
BYD has grown at a rapid pace in China and around the globe. In 2023, BYD became the best-selling automotive brand in China, overtaking Volkswagen and effectively leading to the German company’s financial woes. BYD also became the top-selling EV brand on a global scale, beating out Tesla for the title.

Projections indicate that BYD will surpass Ford in total vehicles sold by the end of 2024. In Q3 2024, BYD sold over 1.1 million vehicles, with more than 500,000 models sold in October. So far, BYD has sold more than 3.25 million vehicles in 2024, with one-quarter left to go. In all of 2023, Ford sold just over 4.4 million vehicles. BYD is on track to secure sixth place among the world's top-selling automakers, and if it surpasses Ford, it will mark the first time one of the Big Three has fallen behind Chinese competition.

For now, BYD doesn’t have plans to enter the United States market due to regulations. Canada has implemented a 100% tariff on Chinese EVs, causing the automaker to put a halt on their expansion there. Mexico, however, is still in the running and could provide BYD a way into the United States. The Chinese automaker plans to build a production facility there that will produce the Shark PHEV, a plug-in hybrid pickup truck.

Final thoughts
BYD’s rapid expansion has made it a threat that legacy automakers can no longer ignore. Manufacturers who are slow to adapt to change could find themselves in a world of hurt, especially if BYD manages to expand into the United States and Canada. 

The Chinese automaker has already proven its dominance in China by ousting Volkswagen from the top spot. With 10 million NEVs produced, five million of which rolled off the line in just 15 months, and a presence in 70 countries, BYD is shaping up to be a major threat that could ultimately determine the fate of many major legacy automakers.