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What will BYD's market share in China's NEV market be by end of 2024?
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China Association of Automobile Manufacturers (CAAM) reports
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BYD's October Sales Surge 66% to Over 500,000, Expands Globally Amid NEV Market Growth
Nov 4, 2024, 01:04 AM
Chinese electric vehicle manufacturer BYD has set a new industry record by exceeding monthly sales of 500,000 vehicles in October, becoming the first Chinese automaker to achieve this milestone. The company boosted its production capacity by nearly 200,000 units from August to October and hired close to 200,000 new employees in car manufacturing and components, according to Executive Vice President He Zhiqi. BYD also expanded its global footprint by launching its Denza brand in Thailand, its fourth market after Hong Kong, Cambodia, and Singapore. The D9 EV was introduced in Thailand, and the company’s Thai factory started deliveries of the Song+ DM-i on November 1st. BYD topped the electric car market in Israel between January and October, with total sales reaching 15,778 units, led by its Atto 3 crossover model. BYD's sales were up 66% year-over-year, 20% month-over-month in October, and 36% for the full year, with a 41% increase year-over-year from January to August. The strong performance contributed to a rally in Chinese electric vehicle stocks, as government subsidies provided a widespread lift to the sector. China's NEV retail sales reached 1.12 million units in September, up 51% year-over-year, capturing a 49% market share.
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