BYD Surpasses Tesla as World's Largest EV Maker with 4.3 Million Vehicles Sold in 2024, Tesla Sees Sales Decline

Jan 7, 2025, 06:04 AM

BYD Co. Ltd. reported a record-breaking sales figure for 2024, with a total of 4.3 million vehicles sold, marking a 40% increase from the previous year. The company's success was predominantly driven by its domestic market, with 91% of sales occurring within China. However, BYD also saw growth in its export market, though at a slower pace. A significant portion of its sales, 60%, were plug-in hybrid electric vehicles (PHEVs). This growth has positioned BYD as a formidable competitor to Tesla Inc., with BYD surpassing Tesla to become the world's largest maker of electric vehicles (EVs) in terms of battery electric vehicles (BEVs) sold. Tesla, on the other hand, experienced a decline in sales for the first time since 2011, delivering 1.79 million vehicles compared to 1.81 million the previous year. In the week ending January 5, 2025, Tesla registered 5,500 insured units in China, while BYD registered 36,500, further illustrating the competitive dynamics in the EV market.