BYD Soars To New Heights: 4.27 Million NEVs Sold In 2024

BYD has marked a historic milestone in the electric vehicle (EV) industry, delivering over 4.27 million new energy vehicles (NEVs) in 2024, representing a tremendous 41.3% increase from the previous year.

The company’s December performance was particularly noteworthy, with 514,809 vehicles sold, marking the third time BYD has crossed the 500,000 monthly sales threshold. This powerful finish to the year has arranged BYD in an increasingly competitive race with Tesla for global EV leadership.

In detail, BYD’s pure battery EV (BEV) sales reaching 1.76 million units in 2024, while Tesla needs to deliver at least 515,000 vehicles in Q4 to achieve its target of 1.81 million annual deliveries.

Particularly, BYD’s success is interesting due to its dual-technology approach. While pure EVs made up 41.5% of its sales with 1.76 million units (up 12% from 2023), plug-in hybrid vehicles (PHEVs) showed even stronger growth, reaching 2.49 million units, a dramatic 72.8% increase from the previous year.

BYD’s transformation from a traditional automaker is remarkable, having completely ceased production of internal combustion engine vehicles in April 2022. The company has since expanded beyond vehicle manufacturing to become China’s second-largest battery supplier, installing 194.7 GWh of battery capacity in 2024, a 29% increase from 2023. This vertical integration has allowed BYD to supply batteries to competitors including Tesla, NIO, and Toyota.

International expansion has been another key driver of BYD’s growth, with overseas sales reaching 417,204 units in 2024, showing a 71.9% increase from 2023. However, the company faces challenges in the European market, where recently imposed tariffs on Chinese EVs have impacted its goal of selling half a million vehicles outside China.

BYD’s rise stands in stark contrast to the struggles faced by traditional Western automakers in China, such as Volkswagen, Nissan, and Stellantis, who have seen declining sales and struggled to keep pace with the rapid transition to EVs. The company’s success has broader implications for the global automotive industry, as it approaches the scale of established giants like Ford and Honda, with annual revenue expected to exceed $100 billion for the first time.

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As the automotive industry continues accelerate its EV transformation, BYD’s performance in 2024 signals a significant shift in global market dynamics, with Chinese automakers increasingly setting the pace in the race toward electric mobility. The question now is whether traditional automakers can adapt quickly enough to compete in this rapidly evolving market.

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