BYD Reports Record EV Sales in December

BYD, the Chinese automaker, reported a substantial increase in electric vehicle (EV) sales, closing 2024 with 207,734 units sold in December and a total of 1.76 million for the year, positioning itself as a strong competitor to Tesla. This surge, driven by government subsidies and discounts, reflects a 41% year-on-year increase in total vehicle sales, with hybrid models significantly contributing to the growth. BYD's dominance in the Chinese market, where it sells 90% of its vehicles, has allowed it to outpace global brands such as Volkswagen and Toyota. However, the company faces challenges in international markets due to high tariffs imposed by the European Union and the United States. Meanwhile, traditional automakers like Honda, Nissan, and Volkswagen are struggling to adapt to the rapidly evolving EV landscape, highlighting the shifting dynamics of the automotive industry. Tesla is anticipated to report slightly higher sales figures soon, but the gap between the two companies is narrowing.