Chinese automaker BYD has set a new sales benchmark for 2024, delivering over 4.27 million passenger vehicles globally.
This figure represents an impressive 41.3% increase from the previous year, signalling BYD's relentless climb towards Tesla's position as the world's leading electric vehicle (EV) manufacturer.
BYD's sales success was primarily driven by robust demand in its home market, China. Government incentives and subsidies aimed at accelerating the shift away from internal combustion engines played a pivotal role in boosting consumer adoption of both plug-in hybrid (PHEV) and battery electric (BEV) vehicles.
In December alone, BYD sold 509,440 passenger PHEVs and BEVs, with exports accounting for 57,154 units.
Despite falling short of its ambitious half-a-million export target, BYD still achieved a remarkable 72% year-on-year growth in overseas markets, selling 417,204 units outside China.
While BYD's BEV sales reached 1.76 million units in 2024, falling short of Tesla's projected 1.81 million deliveries, the gap between the two automakers continues to narrow.
December alone saw BYD sell 207,734 BEVs, underscoring its accelerating momentum in the pure-electric segment.
In New Zealand, BYD's Atto 3 has maintained its position within the top five bestselling BEVs throughout 2024, reflecting its strong appeal among local EV buyers.
BYD's record sales are expected to push its annual revenue past US$100 billion (around NZ$178.2 billion) for the first time, cementing its position among the world's largest automakers. Its growing sales volume also places BYD in close contention with legacy giants like Ford and Honda on an annual basis.
Although BYD's international sales have room for improvement, the company's rapid growth trajectory highlights its potential to challenge Tesla's global dominance.
With continued investment in overseas markets and a strong foothold in China, BYD is well-positioned for another year of substantial growth in 2025.