BYD Hits Record 4.27M NEV Sales in 2024, Tops Tesla in Q4 BEV Sales

Jan 2, 2025, 12:24 AM

Chinese automaker BYD reported record-breaking sales of new energy vehicles (NEVs) in 2024, reaching over 4.27 million units, marking a 41.26% year-on-year increase. December alone saw sales of 514,809 NEVs, a 50.95% year-on-year increase, with 207,734 battery electric vehicles (BEVs) and 301,706 plug-in hybrid electric vehicles (PHEVs) sold. The company’s total production in December was 466,441 vehicles. BYD’s 2024 sales included 1.76 million BEVs and 2.5 million PHEVs, with PHEVs growing at a faster pace. Overseas sales of passenger NEVs rose 71.9% year-on-year to 417,200 units. In Q4, BYD sold 1.54 million NEVs, including 595,413 BEVs, surpassing Tesla’s Q4 BEV sales of approximately 500,000. BYD’s strong performance has narrowed the gap with Tesla, as the two compete for the top spot in global EV sales. The automaker exceeded its annual sales target by 19% and introduced price cuts to maintain momentum in 2025.