Chinese EV giant BYD Co Ltd BYDDY BYDDF said on Wednesday that it has produced its 5 millionth new energy vehicle.
What Happened: “Today, BYD’s 5 millionth new energy vehicle rolls off the production line,” Chairman and President Wang Chuanfu said. Chuanfu thanked customers, partners, and the company’s 600,000 employees and added that BYD is the first automaker globally to achieve such a milestone.
BYD took 13 years to build one million new energy vehicles and touched three million vehicles one and a half years later. It’s been nine months since that milestone, hinting that BYD is rapidly ramping up production.
“Looking ahead, BYD will remain committed to technological innovations with state-of-the-art technology and diverse product offerings,” the President added.
Why It Matters: Last month, BYD produced 272,414 new energy vehicles and sold 262,161 units, including 18,169 units overseas. These new energy vehicles include both passenger and commercial vehicles which are either fully electric or hybrid.
The Shenzhen-based company announced that it stopped production of oil-fueled vehicles in April last year. It is backed by Warren Buffett‘s Berkshire Hathaway BRK BRK.
In China, the term NEV refers to electric-powered automobiles, encompassing battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
BYD’s numbers stand higher than Tesla Inc TSLA, although it should be noted that the American EV giant produces only BEVs.
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