Annual sales reports from BYD and Tesla

China Becomes World’s Largest Automobile Exporter with 76% EV Market Share; BYD Overtakes Tesla in Sales

Dec 29, 2024, 02:12 PM

China is poised to solidify its position as the world's largest automobile exporter, having surpassed Japan in 2023. The country accounted for nearly a third of global car production and has established a dominant share in the electric vehicle (EV) market, with a 76% stake in global electric vehicle sales. In a notable development, BYD has overtaken Tesla in global EV sales, marking a significant milestone for the Chinese automaker. The Chinese government is also mandating that at least 30% of annual vehicle procurements for government fleets be new energy vehicles (NEVs), reflecting its commitment to promoting electric mobility. As traditional Western automakers face challenges, China's competitive pricing and streamlined supply chains are reshaping the global automotive landscape.