BYD Achieves Record EV Sales in 2024

BYD Co. has made significant strides in becoming the world's leading electric vehicle maker, surpassing a total of 4.25 million vehicle sales in 2024, a 41.3% increase from the previous year. December alone saw record sales of 514,809 New Energy Vehicles (NEVs), with plug-in hybrids accounting for the majority of their sales growth. BYD's success is attributed to rising demand in China, aided by government subsidies and aggressive pricing strategies, positioning it to compete closely with Tesla. Meanwhile, Tesla faces challenges, with analysts predicting it may not achieve its sales goals for 2024 due to increasing competition from BYD. Despite facing tariffs from the EU and the US, BYD's growth trajectory appears robust, suggesting it could potentially overtake Tesla in the global market. The company has also matched production efficiencies similar to Tesla's Giga Shanghai, indicating its strong manufacturing capabilities.