BYD to double EV sales in Australia in 2024, and again in 2025 as it chases down Tesla

BYD and its Australian distributors have announced ambitious plans to double the company's EV sales in Australia in 2024, and then double them again in 2025.

The plan, revealed by David Smitherman, the new CEO of EVDirect (distributors of BYD in Australia) at a media drive day, suggests the company is aiming for nearly 50,000 EV sales in Australia in 2025, given that it sold around 12,500 EVs in the country in 2023.

To put that in a broader context, the Australian EV market leader Tesla sold 46,116 EVs in Australia in 2023, and is running about 20% ahead of that number so far in 2024. BYD's sales in 2024 are already more than double they were at the same stage of 2023.

Smitherman also stated that they hoped to reach the 100,000 cumulative sales mark by that time. Given total BYD sales to date are around 20,000: if those sales projections are met, 20,000 + 25,000 + 50,000 would get BYD close to that mark by early 2026.

To achieve these targets, Smitherman announced plans for BYD to expand their Australian dealer network from the current 35 to over 70 by the end of 2024, as well as boost their marketing budget by 500% in an effort to gain more market awareness of the BYD brand and what it offers.

BYD also intend to expand their current three model electric range (the Atto 3 small SUV, Dolphin small hatch and Seal sedan) with up to five new plug-in models each year. These plans also include expanding into as many as possible of Australia's vehicle market segments.

Details of exactly which models will be introduced is not clear, and there are hopes that the company will bring in its first ute, although that is only at the plug in hybrid stage rather than the full electric.

Smitherman did say however there would be 'at least' two or three new models for 2024, on top of the plug in hybrid revealed this week.

As to whether BYD can pull off these aims remains an open question.

However, with much of the Australian public effectively 'waiting on the sidelines' for BEVs to become equivalent in price and specification to their current internal combustion engine vehicles, it would seem that if BYD can keep up the price, specification and segment growth it will continue to gain ground at the the expense of those traditional manufacturers who are avoiding the BEV race (such as Toyota) would at least seem possible.