BYD Reaches Milestone of Producing 500,000 Yuan Plus Electric Vehicles

BYD Company Limited announced that it has achieved a significant milestone by producing 500,000 Yuan Plus electric vehicles (EVs), also known as Atto 3 electric sport utility vehicles (SUVs). This milestone was reached just 19 months after the model’s initial launch. The Atto 3 is the first A-Class SUV to utilize BYD’s e-platform 3.0, which enhances efficiency and safety.

The base version of the Atto 3 starts at 135,800 yuan and features a 49.92 kWh BYD Blade Battery with a range of 430 km. In China alone, BYD has sold over 359,000 units of the Yuan Plus, with an average monthly sales figure of around 30,000 units. Additionally, the company has exported 102,000 Atto 3 models as of August, expanding its presence in North America by delivering the first batch of vehicles to Mexico in June.

BYD has also introduced the Yuan Plus Champion Edition, which offers two new colors, Oxygen Blue and Dynamic Purple, along with luxurious features such as front seat ventilation and heating, a 3D transparent panoramic image system, and parent-child mode.

The Atto 3 has gained popularity globally, reaching 55 countries. In Sweden, it surpassed competitors including Volkswagen, Tesla, and Volvo to become the best-selling EV in July 2023.

While BYD’s success in the EV market is commendable, it is worth noting that the company currently carries a Zacks Rank #4 (Sell). For investors interested in the auto industry, top-ranked players are Oshkosh Corporation, Gentex Corporation, and Allison Transmission Holdings, each with a Zacks Rank #1 (Strong Buy). These companies are projected to have substantial growth in both sales and earnings for 2023.

Sources: BYD Company Limited, Electrek, Zacks Investment Research.