Wed. Oct 4th, 2023
    BYD Reaches Milestone of Producing 500,000 Yuan Plus Electric Vehicles

    BYD Company Limited has announced that it has reached an impressive milestone of producing 500,000 Yuan Plus electric vehicles (EVs), also known as Atto 3 electric sport utility vehicles (SUVs). This achievement was accomplished just 19 months after the model was first introduced to the market. 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 is equipped with a 49.92 kWh BYD Blade Battery, allowing for a range of 430 km. The model has been a success in the Chinese market, with over 359,000 units of the Yuan Plus sold and average monthly sales of around 30,000 units.

    Beyond China, BYD has seen success in international markets as well. As of August, the company had exported 102,000 Atto 3 models. The first foreign market to receive the Atto 3 was Australia, followed by Mexico in June. Since then, the model has also been launched in Columbia, Brazil, Thailand, and other countries, totaling 55 markets worldwide.

    In Sweden, the Atto 3 surpassed popular EV brands such as Volkswagen, Tesla, and Volvo to become the best-selling EV in July 2023. To further enhance the Yuan Plus lineup, BYD recently introduced the Champion Edition, which offers additional features and new color options.

    While BYD has achieved significant success with the Atto 3, it is important to note that the company currently holds a Zacks Rank #4 (Sell). However, there are promising players in the auto space, including Oshkosh Corporation, Gentex Corporation, and Allison Transmission Holdings, each sporting a Zacks Rank #1 (Strong Buy).

    Overall, BYD’s accomplishment of producing 500,000 Yuan Plus EVs highlights the company’s strong presence in the electric vehicle market and its ability to cater to both domestic and international customers.

    – BYD: BYD Company Limited is a Chinese automaker specializing in new energy vehicles, including electric cars.
    – EV: Electric Vehicle is a vehicle that is powered by an electric motor rather than a traditional internal combustion engine.
    – SUV: Sport Utility Vehicle is a type of vehicle that combines elements of a traditional passenger car with features from off-road vehicles.
    – Zacks Rank #4 (Sell): A stock rating indicating that the investment is expected to underperform and is not recommended for purchase.
    – Zacks Rank #1 (Strong Buy): A stock rating indicating that the investment is expected to outperform and is highly recommended for purchase.

    Sources: BYD Company Limited, Electrek, Zacks Investment Research