BYD continued to rapidly expand in 2024, selling 4.27 million vehicles, an impressive 41.3% jump over the 3 million sales in 2023. However, the company is not expected to usurp Tesla as the largest seller of battery-electric vehicles.
The Chinese car-making giant sold 1,764,992 EVs in 2024, a 12% increase over 2023. 2,485,378 were plug-in hybrid vehicles, a 72.8% surge compared to 2023.
Read: BYD Outsold Ford Last Quarter To Become Sixth-Largest Carmaker
December was a record-breaking month for the company, selling 509,440 vehicles. Tesla has yet to release its delivery figures for 2024 but is expected to have shipped roughly 1.81 million vehicles, clinging on to the top spot in EV sales. However, BYD is expected to surpass Ford and Honda for cumulative 2024 sales, positioning itself as one of the world’s largest car manufacturers.
Bloomberg reports the vast majority of BYD’s sales come from China, with roughly half a million coming from overseas markets.
The rise of BYD in recent years has been nothing short of spectacular. Not too long ago, the company was a small brand selling bland, boring vehicles in China, but thanks in part to the local government’s heavily subsidized EV programs, BYD has established an enviable manufacturing footprint and launched several compelling vehicles. It also operates numerous sub-brands catering to different areas of the market.
BYD is also a battery giant. According to Car News China, it’s the second-largest battery supplier in China and supplies packs to companies including Toyota, Nio, and Tesla. The company installed a total of 194.7 GWh worth of batteries in vehicles and energy storage facilities last year.
