BYD’s total vehicle sales increased by more than 41% in 2024 compared to the same period last year. The surge was mainly driven by sales of hybrid vehicles.
The company has benefited from a surge in domestic car sales as intense competition has driven down prices and government subsidies have encouraged consumers to replace their older cars with electric vehicles or other more fuel-efficient options.
BYD sells 90% of its cars in China, where it is increasing its lead over foreign brands such as Volkswagen and Toyota.
The rise of BYD and other Chinese electric car makers contrasts with the challenges faced by some older carmakers struggling in major Western markets.
last month, Honda and Nissan have confirmed they are in merger talksas the two Japanese firms seek to fend off competition from the Chinese auto industry.
Also in December, Volkswagen has announced an agreement with the IG Metall trade union which will avoid the closing of factories in Germany and immediate forced redundancies.
The German auto industry giant has previously warned it may close factories in the country for the first time in an attempt to cut costs.
Earlier this month the boss of the automotive giant Stellantis, Carlos Tavares, resigned with immediate effect after a scuffle in the boardroom.
His sudden exit from the company, which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler, comes two months after Stellantis issued a profit warning.
In the third quarter of 2024, BYD’s revenues rose sharply, surpassing Tesla for the first time.
It took in more than 200 billion yuan ($28.2 billion, £21.8 billion) between July and September, a 24% jump year-on-year and more than Elon Musk’s company, whose quarterly revenue was 25.2 billion dollars.
However, Tesla still sold more electric vehicles (EVs) than BYD.
Chinese carmakers are trying to boost sales of their electric vehicles outside the country, but have faced pushback in some major markets.
In October Tariffs of the European Union up to 45.3% on imports of Chinese-made electric vehicles came into force across the bloc.
The US has also imposed a 100% tariff on electric cars from China, and President-elect Donald Trump is expected to further tariffs on import.
Meanwhile, BYD is expanding its presence in developing countries.
Last month, it faced a setback in Brazil – its largest foreign market – with the authorities stop the construction of the BYD factorystating that the workers lived in conditions comparable to “slavery”.
BYD said it had cut ties with the construction firm involved and remained committed to “full compliance with Brazilian law.”
