Quarterly sales reports from BYD and Tesla, industry reports

BYD Surpasses 2024 Sales Target by 19%, Sells Record 514,809 NEVs in December

Jan 2, 2025, 03:46 AM

BYD Co., a leading Chinese electric vehicle manufacturer, reported record sales in 2024, selling over 4.27 million new energy vehicles (NEVs), marking a 41.3% increase year-over-year. December alone saw a record 514,809 NEVs sold, the third consecutive month exceeding 500,000 units, including 207,734 BEVs and 301,706 PHEVs. The company's sales included 1.76 million battery electric vehicles (BEVs) and 2.5 million plug-in hybrid electric vehicles (PHEVs), with PHEVs accounting for nearly 60% of total sales. BYD's performance has narrowed the gap with Tesla Inc., selling 595,413 BEVs in the fourth quarter, surpassing Tesla's estimated 500,000 BEV sales for the same period. BYD also reported a significant increase in overseas sales, with 57,154 vehicles sold outside of China in December, a 58.3% rise from the previous year, and a total of 417,200 overseas sales for the year. The company produced 466,441 NEVs in December and sold 1.54 million EVs in the fourth quarter, including 509,440 passenger vehicles and 5369 commercial vehicles. BYD exceeded its sales target of 4 million vehicles by 19%, entering 2025 with price cuts to maintain its growth trajectory.