BYD reports December sales, in line with overall market

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By Michael Elkins 

Chinese electric vehicle maker, BYD (SZ:002594) announced their December sales numbers with passenger NEV sales jumping 2% MoM and 153% YoY to 234.6k units. The company's December wholesale sales rose by ~5k units MoM, decelerating from 12k/17k increments seen in the last two months. Morgan Stanley analysts believe that the slowing is likely due to the spike in new COVID cases. However, overall sales were still largely in line with the forecasts.

They also noted that overseas deliveries declined 8% MoM amid western countries' holiday season but still topped the 10k level.

Cumulative vehicle sales reached 1.86mn in 2022 (up 208% YoY), in line with the company's revised full-year sales target of 1.8mn units. BYD plans to raise car prices by RMB2-6k from the start of this year, covering 50% of the subsidy after stimulus exit.

The EV maker plans to unveil its high-end brand Yangwang with other disruptive new technologies on Jan 5.