Shanghai, China — Chinese EV powerhouse BYD has announced a remarkable surge in global vehicle sales for 2024 with a reported figure of 4,272,145 units, marking a 41.3% increase from the previous year’s total of 3,024,417 units. In December alone, BYD sold 57,154 vehicles outside of China, reflecting a 58.3% rise compared to the same month in 2023. This growth is indicative of BYD’s ambitious plans to expand its overseas presence, although these efforts face increasing hurdles due to rising trade tensions between Beijing and Western nations.
With the slogan “Build Your Dreams,” BYD has emerged as the largest EV manufacturer in China, the world’s largest automotive market. Notably, the company’s quarterly revenue exceeded that of global rival Tesla for the first time during the third quarter of last year, underscoring its rapid ascent in the industry.
The initial growth of BYD and its competitors was fueled by generous subsidies from the Chinese government. However, this support has drawn scrutiny from the European Union, which has launched an investigation into claims of unfair competition due to these extensive state aids. In October, the EU announced it would impose tariffs of up to 35.3% on Chinese EVs, prompting Beijing to vow to protect its firms’ interests. Similarly, the United States and Canada have raised customs duties on Chinese EVs to 100% earlier this year, complicating BYD’s international ambitions.
Despite these challenges, global EV sales reached a record 1.8 million units in November, according to industry research firm Rho Motion. “This quarter has picked up significantly for EV sales globally,” said Rho Motion expert Charles Lester, although he noted that the regional landscape remains uneven, with Europe experiencing a 3% decline while China continues to dominate sales.
