GM's Chevrolet Overtakes Ford, Becomes Fastest-Growing EV Brand in US

BYD has emerged as a dominant player in the electric vehicle market, reporting record revenue and significant profit growth, with a 73.1% increase in Q4 2024 net profit to 15 billion yuan ($2.1 billion). The company sold 4.25 million vehicles in 2024, surpassing Volkswagen to lead China's auto market, and plans to double overseas sales to over 800,000 units in 2025. Meanwhile, General Motors' Chevrolet has claimed the title of the fastest-growing EV brand in the U.S., with a market share increase to 12.5% and substantial sales growth driven by new models like the Equinox and Blazer. Tesla's market share has declined from 56% to 50%, as competition intensifies and other brands make gains. Analysts note that while BYD and Tesla are among the few profitable EV manufacturers, many others, including Rivian and Lucid, continue to struggle financially. The landscape of the EV market is rapidly evolving, with established brands facing increasing competition from both traditional automakers and new entrants.