BYD Sees China EV Penetration Near 80% as May New-Energy Share Hits 62.9%
Updated
Updated · CNBC · Jun 9
BYD Sees China EV Penetration Near 80% as May New-Energy Share Hits 62.9%
3 articles · Updated · CNBC · Jun 9
Summary
BYD said China’s EV penetration could soon approach 80%, with Executive Vice President Stella Li arguing innovation and state support will keep the market expanding despite signs of slower industry growth.
62.9% of new passenger cars sold in China last month were hybrids or battery EVs, after the category already exceeded half of sales in 2024, while the U.S. remains near 10% and the global rate about 25%.
Li said domestic demand for BYD vehicles is roughly double current delivery capacity, helped by fast-charging technology that can reportedly take batteries to 70% in five minutes.
BYD is also betting the next competitive phase will center on driver-assist systems, after expanding insurance coverage for L2+ users and saying that could lift utilization by 5 percentage points to at least 95%.
The bullish outlook comes as BYD sold nearly three times as many new-energy vehicles in China in May as the No. 2 player, yet faces pressure to defend global growth through exports and European localization.