BYD, China’s leading electric vehicle (EV) manufacturer, is on course to exceed its 2024 sales target, capitalising on its growing global market share and strong domestic demand. With 3.76 million vehicles sold in the first 11 months of 2024, including 506,804 in November, the company is poised to achieve its 4 million annual sales goal.
Government-subsidised auto trade-ins and robust demand have bolstered BYD’s performance, with China’s car sales experiencing their fastest year-on-year growth since January. BYD now commands a 17.1% share of the Chinese automotive market, up from 12.5% in 2023, according to the China Passenger Car Association.
The automaker’s operational capacity has also seen significant growth. Between August and October, BYD doubled production capacity to nearly 200,000 units and expanded its workforce to almost 1 million employees by September, a sharp rise from 703,500 in 2023. This expansion, combined with advanced plug-in hybrid technology, has allowed BYD to dominate China’s price-sensitive EV market, setting cost benchmarks amid fierce competition.
While foreign automakers struggle in China, with General Motors announcing a $5 billion charge for restructuring its operations, BYD continues to gain momentum. Analysts predict the company could sell up to 6 million vehicles within the next year, matching the scale of global leaders such as General Motors and Stellantis. A recent Citi report also suggests BYD aims to deliver 5 to 6 million vehicles by 2025.
BYD’s rapid rise has reshaped the global automotive landscape, cementing its position as a key player in the electrification era and setting the stage for further growth on the international stage.
GENERAL | Turkish Auto Exports Boom in 2024, Europe Dominates with 84.5% Share
