BYD Overtakes Ford and Tesla as China's Automakers Set Record EV Sales

Dec 1, 2024, 03:07 AM

Chinese automakers are rapidly ascending in the global automotive industry, with companies like BYD surpassing traditional giants such as Ford in sales and even surpassing Tesla in revenue during the last quarter. In the third quarter of 2024, BYD sold 1.13 million cars, overtaking Ford to become the world's sixth-largest automaker. China now produces 38% of all passenger cars globally and has become the world's largest car exporter. Chinese brands are displacing Japanese automakers like Toyota, Honda, and Nissan in key markets, including ASEAN countries and Singapore, where Toyota faces being toppled due to a push for lower emissions. Experts note that Chinese EV makers are 'one generation ahead,' attributing their success to manufacturing prowess, supply chain mastery, and innovation in electric vehicles. BYD's November sales reached a record 506,804 new energy vehicles, marking the second consecutive month of over 500,000 units sold. China's electric vehicle market is highly competitive, with dozens of brands vying for position. Other Chinese EV makers, such as Xpeng and Zeekr, also reported record sales figures, with Xpeng delivering 30,895 vehicles in November, highlighting China's dominance in the EV market.