Islamabad, Jan 2: Chinese electric vehicle (EV) maker BYD is rapidly narrowing the gap with Tesla as it sets its sights on becoming the global leader in EV sales for 2024. BYD sold 1.76 million vehicles in 2024, including 207,734 EVs in December, marking a 41% year-over-year growth, driven by hybrid car sales, strategic discounts, and government-backed subsidies.
Key Highlights
- 2024 Sales: 1.76 million EVs, boosted by China’s robust demand and government incentives.
- Market Dominance: BYD accounts for 90% of its sales in China, benefiting from competitive pricing.
- Revenue Growth: BYD reported 200 billion yuan ($28.2 billion) in Q3 2024, surpassing Tesla’s $25.2 billion.
International Expansion and Challenges
While BYD is expanding into developing markets, its growth in Europe and the U.S. faces hurdles due to high tariffs and geopolitical restrictions. Efforts to build a factory in Brazil were also disrupted by labor controversies.
Competitive Landscape
BYD’s ascent reflects China’s growing influence in the EV sector, challenging legacy automakers like Volkswagen and Toyota. As the EV race intensifies, the industry is witnessing significant shifts, with mergers and operational changes becoming commonplace among traditional carmakers.
BYD’s momentum positions it as a formidable competitor, signaling a transformative era in the global EV market.
