Global sales reports from automotive industry data providers by December 31, 2025

China's BYD Surpasses Tesla in 2024 EV Production as Global Sales Surge 25% to 17.1 Million Units

Jan 19, 2025, 06:36 PM

In 2024, China's electric vehicle (EV) sales surged by 40%, driven by a significant decline in gasoline prices. BYD, China's largest EV manufacturer, outpaced Tesla in production, reflecting a global shift towards more affordable electric vehicles. Overall, global sales of electrified vehicles reached a record 17.1 million units, marking a 25% increase from the previous year. The growth in the EV market is attributed to booming demand in China, which exported over one million EVs in 2024. However, European automakers are preparing for a challenging year in 2025, facing production cuts and regulatory pressures related to emissions and tariffs.