00:00BWD has just posted its biggest sales month of 2026. And the number that matters
00:04most isn't the headline total, it's the split underneath it. In August, BWD sold 440,300 new
00:14energy vehicles. That's up 18% on the same month last year, and up 5% on July. And it's
00:22the fourth
00:22straight month of year-on-year growth after a genuinely rough start to the year. They had eight
00:29months in a row where sales actually fell every single month. Passenger vehicles made up 433,400
00:36of those, and commercial vehicles made up just under 7,000. But that's still more than triple
00:42in terms of commercial vehicles, what they did a year ago. Now, here's the part I think most outlets
00:47are going to skate right past. Pure electric passenger sales hit an all-time record of 256,000.
00:53That's up 28% year-on-year and almost 10% on July alone. Plug-in hybrids managed 177,000,
01:02up only 3%, and actually flat month-on-month. So battery electric is now 59% of BWD's passenger
01:11car mix, up from 54% a year ago. That's in spite of the fact that BWD now has these
01:18megawatt charging
01:19plug-in hybrids, with some of them up to 400 kilometers of EV-only range. So even with this
01:26amazing new technology, people are moving away from plug-in hybrids. And that's just not just BWD,
01:32that's the Chinese car market as a whole. The company that built its empire on the DMI hybrid
01:37is quietly becoming a majority EV company, and it's the EVs driving all the growth.
01:43The other engine here is exports. Overseas sales hit a record of 189,500 vehicles, up 134%
01:52on August last year. And now 43% of everything BWD sells. Exports are 43% of everything BWD sells.
02:02Through the first seven months, BWD had already shipped 970,000 vehicles abroad against a full-year
02:09export target of 1.5 million. Add August, and they're past 1.15 million, with four months to go.
02:18That target is clearly going to be smashed. Exports are really doing incredibly well for them.
02:23But the home market, that's a different story, and it's a problem. Domestic sales fell by 14%
02:30year-on-year in August, and cumulatively, for 2026, they're down more than 30%.
02:37Wang Chanfu, the president, has been blunt about the reason. The switch to the second-generation
02:44blade battery, the one that supports flash charging, which is a lot better than the previous generation,
02:50has been supply-constrained all year, and he said outright that this year's sales depend on battery
02:56production. July and August suggest the ramp is finally working, because both months set new highs
03:04for the year. The context is that BWD's first-half profit actually fell by 20%, but second-quarter
03:12profit rose 30%, with gross margins at an 18-month high. Cumulative sales this year through July was
03:19still down by 10.5% versus last year. So August narrows that gap, but it doesn't come close to
03:28closing
03:28it. Still down 10.5% versus last year. The full-year target of about 5 million sales still does
03:36look out
03:36of reach. The export number and the EV number, though, they're both moving in exactly the direction
03:43that BWD needs. So, yeah, I mean, BWD had a really rough eight months there, where things were looking
03:48pretty terrible. They even got beaten by Geely for a couple of months, but they're back now. And these
03:55new generation vehicles with this much better technology, that has really helped BWD regain
04:00the momentum that they had last year. What are your thoughts? Thanks for watching.
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