What is the BYD forecast for 2024
New BYD models coming in 2024 and beyond
Only a few years ago, most buyers wouldve been hard pressed to know their BYD from their BBQ, but it has swiftly become one of the most popular brands in Australia.
The electric Atto 3 SUV has swept the market with just over 11,000 sales in 2023, while the newly launched Dolphin hatch and Seal sedan are quickly winning fans.
For now, the Chinese newcomers Australian line-up is a purely electric proposition, but thatll change when its plug-in hybrid ute launches this year and other petrol-electric models are expected to follow.
What else is coming? Read on.
JUMP AHEAD
BYD Atto 2
BYD has yet to officially unveil its new small SUV, but images and details published by the Chinese government reveal more than a few key details.
As a small SUV, the Atto 2 (Yuan Up in China) will take its styling cues from the popular and larger Atto 3. If it comes to Australia, expect the Atto 2 to slot in above the Dolphin hatch, with pricing well, thats complicated. Read more here.
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BYD ute
Already spotted testing in Australia and unveiled in revealing patent images, BYDs rival for the likes of the Ranger and HiLux will launch with a plug-in hybrid drive system.
With combined petrol and electric power, BYD is said to be targeting a 1000km-plus driving range. Those that want a more pure electrified ute will be served later, with an all-electric version to follow in late 2025 or early 2026.
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BYD Seal U SUV
Unveiled in 2022, the mid-sized BYD Seal U electric SUV is expected to reach Australia this year as a direct sales threat to the popular Tesla Model Y.
Although BYD has yet to announce this new EV as its next Australian model, the brand has strongly hinted to Wheels that a new BYD spied testing in Australia recently is indeed the Seal U leaving us to speculate with confidence.
Learn more about the Seal U at the featured story link above, or click here.
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BYD U7 (Tesla Model S rival)
In January, BYD revealed its rival to large luxury EVs like the BMW i5, Mercedes EQE and Tesla Model S.
Full details are still to come, but the U7 is understood to feature four electric motors one at each wheel and produce more than 1000hp (745kW).
Whether well see this model in Australia is unclear, with the brands local arm yet to comment on its potential.
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BYD Sea Lion 07
Late last year, BYD unveiled its latest electric offering for China, in the form of the Sea Lion 07 coupe-SUV.
The Sea Lion 07 wears a more sleek and aggressive design than the Seal U revealed a year earlier, looking more than a little like the Seal sedan it shares a name with.
In China, the Seal Lion 07 will neatly undercut the Tesla Model Y, with a low starting price of 200,000 yuan ($42,650), while a recent price cut now sees the Model Y start from 299,900 in China ($63,775).
Will we see it in Australia? Likely not in 2024, but perhaps later.
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BYD U8
LandCruiser 300 rival a shoo-in for Australia, if a little late out of the gate.
The big U8 SUV, BYDs first premium model under its Yangwang brand in China, is reportedly a strong contender for an Australian launch although local boss Luke Todd has indicated itll be at least two years away, with right-hand-drive models still in development.
Although its a big LandCruiser 300-sized SUV, the U8 is powered by a seemingly modest 2.0-litre turbo petrol engine matched to electric power in a plugin-hybrid arrangement. Dive deeper, though, and its not so modest: the electric side of the equation is four motors, equally a huge 880kW and 1280Nm. Thatll do.
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EXISTING MODELS
BYDs Australian line-up now includes three models: the Atto 3 SUV, the Seal sedan and the Dolphin hatch. Learn more about each model at their respective WhichCar pages.
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BYD Co ADR (BYDDY)
The BYD Co ADR (BYDDY) stock price forecast for the next 12 months is generally negative, with an average analyst price target of $27.54, representing a -47.09% decrease from the current price of $52.06. The highest analyst price target is $48.18, and the lowest is $6.9069.
Based on our technical indicators, the current sentiment is neutral and BYDDY could range between $73.89 and $22.10 in 2025. This suggests that investors should exercise caution when entering new positions on BYDDY, as the market is likely to remain volatile in the near term.
Disclaimer: The information on this page is not intended to be financial advice. It is for general information only and should not be used to make any investment decisions. Please consult with a professional financial advisor before making any investment decisions.
BYD's initial plan for its 2024 sales target is 4 million units, report says
BYD is set to announce a 4-million-unit target, with a higher 4.2 million sales forecast given to suppliers, including 2 million BEVs, and 2.2 million PHEVs, according to local media.
(Image credit: CnEVPost)
BYD's (OTCMKTS: BYDDF) initial plan for its 2024 sales target is 4 million units, after selling 3.02 million new energy vehicles (NEVs) in 2023, local media outlet 36kr reported today.
BYD is set to announce a target of 4 million units, and it can reach a total capacity of 4.2 million at its production sites, with a 4.2 million sales forecast given to suppliers, the report said, citing a source.
Of those 4.2 million sales forecasts, 2 million will be battery electric vehicles (BEVs) and another 2.2 million will be plug-in hybrid electric vehicles (PHEVs), with lower-priced models dominating sales, the report said, citing another source close to BYD.
For the full year of 2023, BYD sold 3,024,417 NEVs, reaching its target of 3 million units, up 62.3 percent year-on-year. Of these, 3,012,906 passenger NEVs were sold and 11,511 commercial NEVs were sold.
The Chinese NEV maker had sales of 1,574,822 passenger BEVs and 1,438,084 passenger PHEVs in 2023.
BYD is on track to challenge Tesla (NASDAQ: TSLA) for the BEV sales crown in 2024, market research firm TrendForce said in a February 20 report.
Tesla, which produces only BEVs, delivered 1,808,581 units worldwide in 2023. In the fourth quarter of 2023, BYD's quarterly passenger BEV sales of 526,409 units surpassed Tesla's 484,507 units for the first time.
In 2023, Tesla continues to lead the BEV rankings with 19.9 percent market share in the world, followed by BYD with 17.1 percent, closing the sales gap with Tesla to 248,000 units, according to TrendForce.
BYD's 4 million sales target implies a 33 percent growth, which is very challenging for the red-hot competitive Chinese car market, 36kr's report today noted, adding that BYD's strategy continues to be to price cuts.
BYD has already launched lower-priced Glory Edition models for the Qin Plus, Chaser 05, and Dolphin, and will launch updated versions for the Han and Tang on February 28.
After launching the Champion Edition models last year, main BYD models will all be available in Glory Editions this year, which is usually around RMB 20,000 ($2,780) lower than the old model, 36kr's report said.
In order to provide support for the price cuts, some of BYD's suppliers are being asked to reduce costs in early 2024 by no less than early 2023, according to the report.
BYD is targeting an internal battery price reduction of 10 percent in the first half of 2024 compared to the same period last year, and a further 10 percent in the second half, the report said, citing a person familiar with the matter.
Increasing overseas sales will be one way for BYD to achieve higher sales targets.
BYD's engineering institute has set up the Savadika research institute, which functions like an overseas product center, according to 36kr.
Savadika is a common Thai word for "hello".
BYD's plant in Uzbekistan started production at the end of January, and it is also building plants in Thailand, Brazil, and Hungary.
BYD has high expectations for its Thailand plant, which is expected to have a monthly capacity of 10,000 units in 2024, according to 36kr.
Construction of BYD's Thailand plant began in March 2023, and the company previously mentioned that the facility is expected to begin production in 2024 with a capacity of around 150,000 units per year.
Meanwhile, BYD is also increasing its investment in the field of vehicle intelligence.
The intelligent connectivity center and intelligent driving center of BYD's planning institute will be integrated and an intelligent technology research institute will be established, 36kr said today, citing several people familiar with the matter.
This means that BYD's intelligent cockpit business and intelligent driving business will work together at different levels, which is expected to save material costs, according to the report.
($1 = RMB 7.198)
BYD poised to challenge Tesla for BEV sales crown in 2024, TrendForce says
