BYD (BYDDY) Rolls Out High-Performance Seal EV in Japan

Zacks Equity Research

26 June 2024 at 9:08 am·4-min read

China-based electric vehicle (EV) maker BYD Co Ltd BYDDY has launched its Seal electric sedan in Japan, marking the introduction of its third passenger car model in the country.

The Seal EV is available in two variants: a single-motor rear-wheel drive version and a dual-motor all-wheel drive version. The pricing for these models starts at 5.28 million yen (approximately $33,140) for the rear-wheel drive and 6.05 million yen for the all-wheel drive.

Both variants of the Seal EV come equipped with lithium iron phosphate batteries with a capacity of 82.56 kWh. The rear-wheel drive version boasts a WLTC range of 640 kilometers, while the all-wheel drive version offers a range of 575 kilometers. These specifications highlight Seal’s strong performance credentials, which are aimed to appeal to environmentally conscious consumers seeking long-range EVs.

In terms of dimensions, the Seal EV measures 4,800 mm in length, 1,875 mm in width, and 1,460 mm in height, with a wheelbase of 2,920 mm. One variant weighs 2,100 kg, while the other weighs 2,210 kg. Performance-wise, the single-motor variant can accelerate from 0 to 100 kilometers per hour in 5.9 seconds, whereas the dual-motor variant can achieve the same in just 3.8 seconds.

The Seal EV was first launched in China in July 2022, exclusively as a battery electric vehicle. It quickly became one of the strongest rivals to the Tesla Model 3 in the Chinese market. On Sep 6, 2023, BYD expanded the Seal lineup by introducing the hybrid Seal DM-i. Subsequently, between late February and early March, BYD rolled out the Glory edition updates for both the Seal DM-i and Seal EV, enhancing their appeal with significant product updates.

In China, the Seal EV now starts at RMB 179,800 (approximately $25,000), while the Seal DM-i starts at RMB 149,800. BYD entered into Japan’s passenger car market in July 2022, with EV sales commencing on Jan 31, 2023. The company’s first model in Japan was the Atto 3, priced at 4.5 million yen, known as the Yuan Plus in China. This was followed by the launch of the Dolphin compact EV, whose starting price was 3.63 million yen in Japan.

Despite its growing presence in Japan, BYD is yet to introduce its plug-in hybrid electric vehicle models to the market. The Seal EV stands as the most expensive model in BYD’s current lineup in Japan.

BYD has an extensive retail network in Japan, currently operating 55 stores with plans to expand to 90 by the end of 2024 and 100 by the end of 2025. In May, BYD sold 331,817 NEVs globally, with 37,499 units sold in overseas markets, underscoring the company’s robust international growth.

The launch of the Seal EV in Japan signifies BYD's commitment to expanding its footprint in the global EV market, leveraging its competitive pricing, advanced technology and growing dealership network to attract Japanese consumers.

Zacks Rank & Other Stocks to Consider

BYDDY currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the auto space are Blue Bird Corporation BLBD, Cummins CMI and American Axle & Manufacturing Holdings, Inc. AXL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.3% and 155.1%, respectively. The EPS estimates for 2024 and 2025 have improved by 63 cents and 69 cents, respectively, in the past 60 days.

The consensus estimates for CMI’s 2024 and 2025 EPS have improved by 24 cents and 5 cents, respectively, in the past 30 days. The Zacks Consensus Estimate for CMI’s 2025 sales and earnings suggests year-over-year growth of 6% and 17%, respectively.

The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.1% and 544.4%, respectively. The EPS estimate for 2024 has moved up by 6 cents in the past 60 days. The consensus estimate for 2025 has moved up by 5 cents in the past seven days.

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