BYD Announces Record Sales of Electric Vehicles in December, Moving Close to Tesla

Chinese automaker BYD reported record sales of electric vehicles in December 2024, which allowed it to come close to Tesla in the fight for the title of leader in this segment at the end of the year, writes the BBC.

Image source: BYD

According to BYD, it sold 207,734 electric vehicles in December, bringing sales of 1.76 million electric vehicles for the year. Both government subsidies and discounts from the company itself made it possible to attract buyers. In turn, Tesla is expected to announce sales results for the quarter later on Thursday.

The US electric vehicle maker ended the previous quarter with a slight lead over BYD in EV sales, but the Shenzhen-based company is closing the gap.

BYD’s total vehicle sales grew by more than 41% year-on-year in 2024, driven primarily by sales of hybrid vehicles. BYD sells about 90% of its cars in China, where it is significantly ahead of foreign brands such as Volkswagen and Toyota.

In the third quarter of 2024, BYD’s revenue soared to 200 billion yuan ($28.2 billion, up 24% year-on-year), surpassing Tesla for the first time, which reported quarterly revenue of $25.2 billion.

While BYD and other Chinese electric vehicle makers are reporting rising sales, some traditional automakers are struggling in key Western markets, the BBC writes.

Last month it became known that Honda and Nissan were negotiating a merger that would allow them to strengthen their market position against Chinese automakers and other brands.

Also in December, Volkswagen announced that it had reached an agreement with the IG Metall trade union, which will allow the automaker to prevent the closure of factories in Germany and avoid layoffs.

It should be noted that attempts by Chinese automobile companies to increase sales outside the Middle Kingdom are encountering protectionist measures from Western states. European Union tariffs of up to 45.3% on imports of Chinese-made electric vehicles came into effect in October. The US also imposed a 100% tariff on imports of electric vehicles from China in the spring, and President-elect Donald Trump has promised to increase the tariff to 200%.