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BYD delivered a record 593,745 new energy passenger vehicles in 2021, a segment that includes all-electrics and plug-in hybrids, as outlined in a report from the Chinese automaker on Monday. The figure represents a 231.6% increase from the 179,054 vehicle deliveries it made in 2020.

Why it matters: Analysts expect the blockbuster delivery numbers to bolster 2022 expectations for the firm as China’s overall electric vehicle (EV) market continues to recover from the pandemic.

• Citigroup raised the target price on BYD stock from HK$536 to HK$587 on Jan. 4, predicting 1.3 million EV deliveries for the company in 2022. That would be more than double 2021 levels.

Details: BYD’s new energy vehicles (NEVs) had a fairly even sales split between all-electrics and plug-in hybrids in 2021, with the two segments accounting for 54% and 46%, respectively, of its total passenger EV deliveries, according to the company’s report.

• The Warren Buffet-backed automaker said it had delivered 13,701 Han EVs in December, helping it surpass 117,000 total deliveries of the premium electric sedan in 2021.
• In 2020, BYD handed over 40,556 Han EVs, priced from RMB 209,800 ($32,917) and intended as a rival to the Tesla Model 3 and Xpeng’s P7.
• In total, the Shenzhen-based automaker in 2021 recorded deliveries of 603,793 NEVs, comprising passenger and commercial vehicles, marking a 218.3% rise year on year. Sales of the company’s gasoline-powered vehicle fell 42.5% from the previous year, to 136,348 units.

Context: China’s NEV market saw a strong rebound this year, with sales nearly tripling to 2.51 million passenger EVs for the first 11 months of 2021, according to figures (in Chinese) released by the China Passenger Car Association.

• Hongguang Mini EV, developed by General Motors’ joint venture with China’s Wuling Motors and state-owned SAIC Motor, remains the most popular sedan model, recording sales of 344,890 units during the same period. Meanwhile, Tesla sold 120,788 Model 3 vehicles, a slight increase of 6.3% from the same period the previous year.
• Several other EV makers saw strong growth over the past year in China. Xpeng’s deliveries grew 263% annually to 98,155 vehicles in 2021, while Nio and Li Auto followed closely behind, handing over 91,429 and 90,491 vehicles, respectively.