SMM Analysis: BYD Topped the List of Global Nev Sales for 11 Consecutive Months in April

SHANGHAI, May 26 (SMM) -  A total of 491,000 mt new energy vehicles were sold worldwide in April, down 40% MoM, but up 24% YoY. Among them, a total of 368,000 pure electric cars were sold, a decrease of 41% month-on-month, accounting for 75% of the total market, while a total of 123,000 plug-in hybrid electric cars were sold, a decrease of 39% month-on-month, accounting for 25%. As the biggest NEV market in the world, China sold a total of 279,000 NEVs, a drop of 39% MoM and accounting for 57% of the global market. Europe sold 104,000 NEVs, down 57% MoM. The United States sold just 86,000 NEVs, an increase of 4% MoM. In terms of car companies, BYD, Tesla and Wuling were the top three in the sales chart, with their sales at 105,000 units, 54,000 units and 28,000 units respectively. After BYD announced to officially stop producing fuel vehicles, its sales of new energy passenger vehicles exceeded 100,000 units in April, reaching 105,000 units, a year-on-year increase of 322%.

After the outbreak of pandemic in Shanghai, Tesla’s Shanghai Gigafactory announced its shutdown on March 28, and did not gradually resume work until April 19. About 8,000 workers returned to the factory, but the factory’s output in the first month of resumption was still far below the average level. In response to restricted capacity in its Shanghai factory, Tesla focused on supply in overseas market. It is understood that production at Tesla’s Shanghai factory is expected to return to the level seen before Shanghai's lockdown in May.  In terms of the performance of car models, the top three models were still Tesla Model Y, Wuling Hongguang MINI and Model 3. Six out of the 10 most popular models came from BYD.

 It is mentioned in the new subsidy policy that the subsidised new energy passenger car must be priced below 300,000 yuan (including 300,000 yuan) before subsidies. Starting from May 1, the retail price of made-in-China Tesla Model 3 standard range rear-drive upgraded version is adjusted to 291,800 yuan, and just 271,550 yuan after being subsidised, which may boost its sales in May.