China’s BYD hits over 4.27 million EV sales in 2024, surpasses Tesla in quarterly revenue for the first time

SHANGHAI, CHINA: In the third quarter of 2024 (Q3 2024), Chinese electric vehicle (EV) giant BYD surpassed Tesla in quarterly revenue for the first time. On Wednesday, the company reported record-breaking sales of over 4.27 million (4,272,145) vehicles in 2024, marking a 41.3 per cent increase from 2023’s 3,024,417 units sold.

The company’s overseas sales saw a 58.3 per cent jump in December alone, with 57,154 vehicles sold outside of China, although nearly 90 per cent of BYD’s cars were still sold within China during the same month, as reported by AFP.

Most of BYD’s sales in 2024 came from plug-in hybrid models, making up 58 per cent of total units sold.

Known for its slogan “Build Your Dreams”, BYD remains China’s largest EV manufacturer in the world’s biggest car market. Its initial rapid sales growth was partly driven by significant subsidies from Beijing, which helped Chinese EV companies grow quickly.

According to Malay Mail, the European Union stated that extensive state support in China has created unfair competition, with an investigation revealing that Beijing’s subsidies were giving Chinese companies an edge over local rivals.

In response, the EU imposed additional tariffs of up to 35.3 per cent on Chinese EVs in October, while Beijing vowed to defend its companies’ interests.

In early 2024, the United States and Canada increased customs duties on Chinese electric vehicles to 100 per cent.

BYD’s numbers were reported as global EV sales reached a record 1.8 million units in November, according to research firm Rho Motion.

Charles Lester, an expert at Rho Motion, noted in a press release last month that EV sales had seen significant growth, with record-breaking months one after another. However, he pointed out that the trend was uneven across regions, with Europe experiencing a 3 per cent decline this year, while China accounted for more than two-thirds of EVs sold in November. /TISG

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