Annual sales reports from BYD and Tesla, or verified industry analyses

BYD's October Sales Surge 66% to Over 500,000 Units, First Chinese Automaker to Hit Milestone

Nov 4, 2024, 06:15 AM

Chinese electric vehicle manufacturer BYD has achieved a significant milestone by becoming the first Chinese automaker to exceed monthly sales of half a million vehicles in October, setting a new record. The company's sales soared 66% year-over-year and 20% month-over-month in October, reaching over 500,000 units sold. BYD also boosted its production capacity by nearly 200,000 units from August to October and hired close to 200,000 new employees, according to Executive Vice President He Zhiqi. All production sites are reported to be at full capacity. BYD's shares rallied after the record October sales, and the company is poised to become China's biggest automaker. Strong domestic demand and a booming hybrid market have contributed to BYD's impressive growth. Additionally, BYD topped the electric car market in Israel between January and October, with total sales reaching 15,778 units. The company's best-selling models in Israel include the Atto 3 crossover. The overall Chinese new-energy vehicle market has seen significant growth, with multiple NEV makers reporting increased sales in October. The China Passenger Car Association (CPCA) estimates October wholesale sales volume of passenger NEVs at 1.4 million units, up 58% year-over-year and 14% month-over-month. Chinese EV stocks, including BYD, rallied after strong October delivery growth, supported by government subsidies. In contrast, Tesla sold 68,280 China-made vehicles in October, a decrease of 22.69% from September, ending a previous three-month streak of sequential gains. Despite this, Tesla's Model Y remained China's No. 1 best-selling model, with domestic sales exceeding 36,000 units in October and accumulating 373,000 units this year.