📰 BYD Hits Record Sales in 2024, Narrowing Tesla’s Lead in EV Market
BYD achieves major milestone, selling 4.27 Million vehicles in 2024, driven by record December performance.
BYD closed out 2024 with an impressive 4.27 million vehicle sales, marking a significant 41.26% growth compared to the previous year. The company’s surge in sales was driven by its growing dominance in the new energy vehicle (NEV) market, including both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
December alone saw a record-breaking 514,809 vehicles sold, a 51% increase from the same month in 2023, capping a year of rapid growth. Notably, 207,734 of those sales were BEVs, marking an 8.9% increase year-on-year, while PHEVs saw a massive 102% rise.
This growth comes amid a challenging global market, where legacy automakers like Nissan and Volkswagen are struggling to adapt to the EV shift. Despite these challenges, BYD is positioning itself as a formidable rival to Tesla in the global EV race. The company’s strong performance in the Chinese market, coupled with international expansion, has helped BYD make significant strides in reducing Tesla’s lead in total annual sales.
The company’s impressive sales were aided by government subsidies and incentives in its home market, which have spurred consumer adoption of greener vehicles. BYD's international presence continues to grow, with a notable increase in sales outside China, although its target of selling half a million vehicles abroad fell slightly short due to external challenges, such as tariffs imposed by the European Union.
As BYD continues to push for growth, its upcoming vehicles, such as the highly anticipated plug-in hybrid SEALION 07 DM-i, promise to further solidify its position in the global EV market. With an eye on surpassing competitors like Ford and Honda in overall sales, BYD’s future looks increasingly bright as it continues to lead the charge toward a more sustainable automotive industry.
Source: CnEVPost, Bloomberg, Financial Times
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