While Tesla faces a decline in annual sales of electric vehicles for the first time in more than a decadeChinese manufacturer of new energy vehicles (NEVs) BYD is doing very well. The company announced record car sales in December 2024 and for the entire year.
In December 2024 alone, BYD sold an impressive 514,809 NEVs, its seventh consecutive month of record sales. This is 50.95% more than in the same period last year and 1.58% more than in November 2024. BYD’s total sales in 2024 reached a record 4.27 million NEVs. This is 41.26% more than in the previous year.
BYD’s success can be attributed to its diverse product portfolio, competitive pricing, and expansion into overseas markets. The company has a huge portfolio of passenger and commercial NEVs, which include both electric and hybrid vehicles. In December, it sold a record 509440 passenger and 5369 commercial vehicles.
The company’s focus on plug-in hybrid vehicles also contributed significantly to sales growth. In 2024, BYD sold nearly 2.5 million passenger PHEVs, up 72.83% year-on-year. BYD also saw steady growth in the battery electric vehicle (BEV) segment, selling more than 1.76 million passenger BEVs in 2024, up 12.08% year-on-year. It is worth noting that BYD sold only 25 thousand BEVs less than Tesla last year (1.79 million).
BYD’s expansion into foreign markets has fueled sales dynamics. In 2024, the company sold 417204 vehicles in foreign markets, up 71.86% year-on-year. In December alone, BYD sold 57154 vehicles abroad, which is significantly more than in the previous year and the previous month.
The company’s strong performance in the NEV market is also reflected in its battery business. The installed capacity of BYD’s power and energy storage batteries reached approximately 194,705 GWh for the full year of 2024. This is an increase of 29.02% year-on-year.
Source: arenaev
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