BYD, the world's biggest new energy vehicle (NEV) company, produced its seven millionth NEV car on March 25, becoming the first company to cross the milestone. The target was achieved less than fourth months after the company heralded its six millionth NEV on November 26, 2023.
A Denza N7 model produced at the company's Jinan factory in China was dubbed the milestone vehicle.
BYD's production rate shows robust end-to-end supply chain capabilities to support its large scale. The Chinese company crossed its first millionth NEV in May 2021, followed by the third millionth in November 2022 and fifth millionth in August 2023. The company is looking to reach the 10 millionth vehicle this year itself.
For 2023, the company reported cumulative annual NEV sales of 3.02 million units, supported by its variety of models and insistence on keeping costs on the lower side, although it will foray into the luxury sector this year.
China remains the company's central market, but the company has introduced vehicles to 64 countries and is opening a factory in Mexico, although it has denied ambitions of venturing into the US market.
The company's manufacturing footprint spans Thailand, Brazil, Uzbekistan and Hungary, as well as India.
In India, BYD has invested more than $200 million to set up two factories spread over more than 140,000 square metres of space. There has even been talk of expansion.