Chinese automaker BYD saw its sales surge late last year as it competes with Tesla to become the world’s best-selling electric vehicle (EV) maker by 2024.
The company said it sold 207,734 EVs in December, for a total of 1.76 million units for the year, as subsidies and discounts helped attract customers.
This comes as Tesla is scheduled to release its own quarterly sales figures later on Thursday.
American electric vehicle manufacturer Hyundai maintained a narrow lead in electric vehicle sales over BYD in the last quarter, but Shenzhen-based BYD is narrowing the gap.
BYD’s total vehicle sales increased more than 41% in 2024 compared to the previous year. This surge was largely driven by hybrid vehicle sales.
The company has benefited from rising car sales in its domestic market as fierce competition drives down prices and government subsidies force consumers to replace older cars with EVs or other fuel-efficient vehicles.
BYD sells 90% of its cars in China, where it has expanded its lead over foreign brands such as Volkswagen and Toyota.
The rise of BYD and other Chinese EV makers contrasts with the challenges faced by some struggling established automakers in key Western markets.
transmission, Honda and Nissan have confirmed that they are in merger talks.That’s because two Japanese companies are trying to fight off competition from China’s auto industry.
Also in December Volkswagen announced that it has reached an agreement with the IG Metal union. This will prevent factory closures in Germany and prevent immediate forced layoffs.
The German car giant has previously warned it may have to close plants in the country for the first time to cut costs.
Earlier this month, Carlos Tavares, the president of giant automaker Stellantis, has resigned, effective immediately. After the conference room crash.
His sudden departure from the company, which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler, comes as Stellantis issued a profit warning. It was two months later.
BYD sales surge in the third quarter of 2024 Beating Tesla for the first time.
Elon Musk’s company recorded sales of more than 200 billion yuan ($28.2 billion, £21.8 billion) between July and September, up 24% on the same period last year, with quarterly sales of $25.2 billion. This figure is even higher.
However, Tesla still sold more electric vehicles (EV) than BYD.
Chinese automakers have been trying to boost EV sales overseas, but have faced backlash in some key markets.
In October European Union Tariffs Tariffs of up to 45.3% on Chinese EV imports have been implemented across Europe.
The United States has also imposed a 100% tariff on Chinese electric vehicles, and President-elect Donald Trump is expected to impose one as well. additional tariff To imported goods.
Meanwhile, BYD has been expanding its presence in emerging economies.
Last month, Brazil, the largest overseas market, suffered a slump. Authorities halt BYD factory constructionIt said the workers lived in conditions comparable to “slavery”.
BYD said it had severed ties with the construction company involved and was committed to “full compliance with Brazilian law.”
