Chinese biggest new energy vehicle (NEV) maker BYD has reported record annual sales as it challenges Tesla for the status of the world’s top EV maker.
In a significant milestone, BYD sold 4,272,145 NEVs in 2024, a 41.3% increase compared to the previous year. This surpasses 4 million annual car sales for the first time in the company’s history. December saw a record-breaking 514,809 NEV sales.
The company sold 4,250,370 passenger vehicles were sold in 2024. December sales reached 509,440 passenger NEVs, the third consecutive month surpassing 500,000 units.
BYD sold 1,764,992 BEVs in 2024, representing 41.5% of total passenger vehicle sales. Meanwhile, 2,485,378 PHEVs were sold, accounting for 58.5% of total sales.
The overseas sales volume of New Energy Passenger Vehicle achieved 57,154 units for the month of December 2024. 417,204 vehicles were exported in 2024, a 71.9% increase year-over-year.
Commercial vehicle sales in December were 5,369, up 520% from the previous year. The cumulative 2024 sales were 21,775 units.
BYD, having surpassed Tesla’s quarterly sales for the first time in late 2023, is now poised to potentially outsell the American automaker in annual sales for 2024. Tesla is set to release its fourth-quarter sales figures later this week, revealing whether BYD has achieved this significant milestone.
Elon Musk’s company, which exclusively produces fully electric vehicles, sold approximately 1.29 million EVs in the first three quarters of 2024. To surpass BYD’s total of 1.76 million vehicles for the year, Tesla would need to sell at least 470,000 units in the fourth quarter.
BYD has emerged as the most formidable challenger to Tesla’s dominance in the electric vehicle market. Founded in 1995 by Wang Chuanfu as a battery manufacturer, the Chinese automaker has rapidly gained market share domestically and is aggressively expanding its global presence.
[source: BYD]
