BYD Sets New Sales Record, Plans to Enter Canada

BYD set a new sales record last month with over 342,000 new energy vehicles (NEVs) sold. The Chinese automaker’s battery-electric-vehicle sales dropped a bit but were more than made up for by its plug-in hybrid sales.

China’s top EV maker sold 342,383 NEVs in July, up 30% year over year and topping June’s 341,658.

The company reports BEV sales fell 10% from June, but it still managed to sell 130,000 all-electric vehicles in July. BYD sold a record 210,799 PHEVs in July, up 67% year over year and up 8% from June.

Through July, BYD sold 1,955,366 NEVs, up 29% from last year’s 1,517,798. The company’s BEV sales were up 14% through July, totaling 856,153 fully electric vehicles. Its PHEV sales topped 1 million (1,091,791) through July, up 44% from the same period in 2023.

BYD has been aggressively selling in Europe, and the company reports 30,000 units sold in export markets in July.

Separately, Canadian media reports revealed this week that the Chinese automaker has plans to enter the Canadian market after meeting with dealers who would distribute for the company. The Canadian government, however, is considering tariffs similar to those in place in the U.S. as a means of protecting the investments other companies have been making in battery plants, and the future of the Canadian auto industry.

The Financial Post, citing government sources, says Deputy Prime Minister Chrystia Freeland, who has been a frequent critic of the Chinese government’s EV export strategy, will recommend to Prime Minister Justin Trudeau that Canada implement what could amount to a 100% tax on Chinese EVs, the same tariff policy the U.S. has adopted.

BYD is already selling vehicles in Mexico and will have more than 50 dealerships set up by the end of 2024. The company’s Seagull model, though, could be sold in Canada, even with a 100% tariff because the entry-level BEV’s pricing in China starts below $10,000 (C$13,900) and tops out at $12,000 (C$16,700). Priced at twice those stickers, the Seagull would still be price-competitive in Canada, as well as in the U.S., if the company moved to distribute here.