It’s at this juncture where car manufacturers around the globe are proudly announcing their production and sales figures. Not to be outdone, China-based BYD has made headlines with its impressive sales tally of 4,272,145 units, reflecting a remarkable 41.3% increase from last year’s total of 3 million units. In December alone, BYD set a record by selling 514,809 new energy vehicles.
New energy vehicles (NEVs) encompass a range of electric vehicle types, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell electric vehicles (FCEVs). However, it’s important to note that BYD, like most Chinese manufacturers, has largely focused on BEVs and PHEVs, with hydrogen vehicles primarily limited to buses. Since April 2022, BYD has ceased production of internal combustion engine (ICE) vehicles entirely.
In addition to its automotive ventures, BYD stands as the second-largest battery supplier in China, meeting the needs of major players like Tesla, Nio, and Toyota. Out of its impressive sales figures, 1,764,992 were passenger BEVs and 2,485,378 were passenger PHEVs, which together accounted for 58.5% of BYD’s 2024 sales.
Such staggering achievements are made possible by BYD’s vast resources, which include nearly 1 million employees, 11 major research institutes, and 110,000 engineers. The company reportedly files an average of 32 patents daily. This rapid growth in human capital is evident; in 2011, BYD had just 20,000 engineers, a number that surged to 110,000 by 2021. It’s no wonder that BYD is celebrating its success in exceeding its target of 3.6 million vehicles set for last year.
While Tesla has yet to disclose its 2024 sales figures, industry experts agree that replicating BYD’s success will be a challenging feat. If current trends continue, BYD is poised to retain its status as the world’s top seller of electric vehicles for a second consecutive year.
On the local front, authorities have not yet released sales data for new energy vehicles, but there is a palpable sense of skepticism among experts regarding what the figures might reveal. Infrastructure remains the primary concern for potential buyers, despite Tesla’s efforts to establish a foothold in the country with its “satellite office” in Manila.
Looking ahead, the Philippine market presents a significant test for electric vehicles. Advocates for EV adoption must prioritize the development of essential infrastructure to capture the interest of local consumers. The future of electric vehicles in the Philippines hinges on addressing these challenges head-on.
