Annual sales reports from BYD and Tesla

BYD's Record 4.27 Million NEV Sales in 2024, Up 41.3%, Narrows Gap With Tesla

Jan 2, 2025, 08:15 AM

BYD Co. reported a record-breaking year in 2024, selling 4.27 million new energy vehicles (NEVs), marking a 41.3% increase from the previous year. The company achieved a new monthly sales record in December with 514,809 NEVs sold, the third consecutive month surpassing the 500,000 mark. This growth was driven by a 73% increase in plug-in hybrid electric vehicle (PHEV) sales to 2.5 million units, while battery electric vehicle (BEV) sales rose by 12% to 1.76 million units. BYD's performance in the fourth quarter saw it outsell Tesla Inc. in BEV sales, with 595,413 units compared to Tesla's approximately 500,000. Despite this, Tesla maintained a slight lead in annual BEV sales, with 1.79 million units to BYD's 1.76 million. BYD's overseas sales also saw significant growth, increasing by 71.9% to 417,200 units. The company's success is attributed to its technological upgrades in plug-in hybrids and its expanding global presence.