Compiled by Zhineng Auto and Zhineng Technology

In September, BYD Group insured 249,984 vehicles, 5,499 more than its retail sales, bringing the cumulative total of insured vehicles from January to September to 1.684 million.

In September, the BYD Group had approximately 250,000 vehicles insured under compulsory traffic insurance. Meanwhile, Dongchedi reported new energy retail sales of around 244,000 units, resulting in a discrepancy of 5,499 units.

According to BYD's production and sales bulletin, the new energy wholesale volume reached approximately 464,000 units, surpassing the number of insured vehicles by roughly 214,000 units.

In September, BYD exported approximately 181,000 vehicles, marking a year-on-year increase of about +154%. Exported vehicles are counted in wholesale figures but not in domestic compulsory traffic insurance data. The wholesale total also encompasses vehicles in transit and those held in channel inventory. After accounting for exports, the remaining approximately 33,000 units reflect the typical time lag between wholesale shipments and terminal registrations.

The narrow gap of only 5,499 units between insured and retail sales suggests effective control over domestic market channel inventory.

Brand Breakdown:

The main BYD brand insured 194,397 vehicles, constituting 77.8% of the total.

Fang Cheng Bao accounted for 13.7% with 34,322 units, of which the Titanium 7 model contributed 26,732 units in a single month.

Denza made up 5.4% with 13,484 units.

The newly launched brand Levmon contributed 3.0% with 7,405 units, primarily aimed at the ride-hailing market.

Yangwang had a minimal presence with only 376 units, representing 0.15%.

Among the models, the Yuan UP led with 22,474 insured vehicles, followed by the Song Ultra with 17,327 units, the Dolphin with 16,839 units, and the Song Pro with 14,315 units.

Model-wise comparisons reveal that the Yuan UP (22,767 retail vs. 22,474 insured, +293), Datang (-42), and Dolphin (-85) had relatively balanced figures. In contrast, the Song Ultra (8,785 retail vs. 17,327 insured, -8,542), Seal 06 (-8,468), and Qin PLUS (-8,713) showed significantly more insured vehicles than retail sales, indicating a concentration of domestic registrations or batch deliveries in September. The Denza Z9 presented an extreme case with only 4 insured vehicles versus 2,645 retail sales, reflecting end-of-life retail clearance with zero registrations for the model.

Levmon, BYD's newly independent brand in September, insured 7,405 vehicles in a single month, primarily driven by the e5 (4,417 units) and e7 (2,677 units) models. This marks the starting point for Levmon's independent branding and volume growth in BYD's commercial vehicle/mobility sector.

The entire Yangwang lineup had a mere 376 units in September (U8 240, U7 135, U9 1), forming a stark contrast—over 70 times less—compared to the 26,700 units of the Fang Cheng Bao Titanium 7 model.

BYD's price range spans from the 50,000-yuan Seagull to the million-yuan Yangwang U9.

In summary, BYD insured approximately 250,000 vehicles in September, with a 5,499-unit difference from retail sales. Of the 214,000 units by which wholesale exceeded insured vehicles, 181,000 were exports, and the remainder represented channel time lags.

Notes:

Data Scope: Insured vehicles refer to monthly compulsory traffic insurance registrations (summed by model level).

Wholesale figures are sourced from BYD's production and sales bulletin for new energy vehicles (including exports).

Retail figures are based on Dongchedi's new energy rankings for September. The difference is calculated as retail minus insured, with a positive value indicating higher retail sales.

The 180,700 exported units are taken from the production and sales bulletin.