Electric cars

Electric vehicle maker BYD’s huge backlog of 400,000 ‘new energy vehicles’

Electric vehicle maker BYD's huge backlog of 400,000 'new energy vehicles'

BYD, the electric vehicle maker which plans to import the Atto 3 to Australia from mid-July, is said to have a small problem: it has an order book of 400,000 orders.

It’s one of those nice problems to have, no doubt. Interest in its range of electric vehicles is at an all-time high in China: it is currently taking almost 100,000 orders per month and in February announced an 800% increase in orders over the previous year.

In addition to battery electric cars (BEVs), BYD also manufactures lithium-ion batteries, as well as photovoltaic products, smartphones and plug-in hybrid vehicles (PHEVs).

The accumulated backlog was reported by Chinese media site Cailian (via CNEVpost), reporting on the company’s recent investor meeting, saying the EV maker expects to sell 1.5 million vehicles in 2022, and if the supply chain improves, selling 2 million vehicles is possible.

In an annual report released via the Hong Kong Stock Exchange on Tuesday, the company noted that the release of four new PHEVs and its marine-themed BEVs had been met with huge demand.

In the case of battery electric vehicles, it is notably the Dolphin electric tailgate which should be released in Australia later in 2022 after the Atto 3 (a rebadged Yuan Plus designed for the local market), which has proven its worth. .

Its flagship Han has also broken many records for the mid-to-large sedan segment, and it expects to sell 30,000 units in March, the company said.

“In the area of ​​plug-in hybrid vehicles…orders have exploded (and) demand has exceeded supply,” the company said in its latest Annual Report. “Delivery units are increasing month on month, while cumulative undelivered orders continue to hit new highs.”

Likewise, he claims that his BEV sales have reached new heights and sales volumes continue to increase. Sales of “New Energy Vehicles” (NEVs) (which include BEVs and PHEVs) as reported by CNEVpost show a 752.6% increase in sales in February and suggest a four-month backlog.

Across the global EV market as a whole, a four-month backlog isn’t actually very long: even in the US, Tesla’s wait times are now up to seven months for some model variants, in particular the long range model Y. .

While many automakers are blaming supply chain issues on order books, BYD says the problem is easing in China, as evidenced by the growth of the local auto market – particularly the “growth boom” in the NEV market.

According to BYD, the current upward trend in commodity prices is slowing down, and if the price of lithium carbonate stays the same this year, it will have little impact on new electric vehicle sales.

This is important for Australia which, along with Norway, is one of BYD’s only export markets for its passenger vehicles.

With first deliveries of the Atto 3 due to start in mid-2022, it is understood that a dedicated assembly line for the Australian RHD market will produce some 18,000 vehicles a year. The Driven contacted BYD importer EV Direct to confirm whether the backlog will affect Australian orders, but did not receive a response before publication.

BYD claimed a 17% share of China’s new energy vehicle market in 2021, an increase of 8% from 2020 according to the China Association of Automobile Manufacturers (CAAM).