BYD, China’s leading electric vehicle (EV) manufacturer, announced an impressive surge in vehicle sales for 2024, reflecting its growing dominance in both domestic and international markets. The company reported a remarkable 41.3% year-on-year increase, selling 4,272,145 vehicles compared to 3,024,417 units in 2023.
December proved particularly strong for BYD’s overseas sales, with 57,154 vehicles sold outside of China, a 58.3% increase from the same month in 2023. These figures underline BYD’s expanding global footprint despite intensifying trade disputes between China and Western nations.
Global Expansion and Challenges
As the largest EV manufacturer in China—also the world’s biggest automotive market—BYD has made significant strides in penetrating international markets. Its achievements come on the back of robust domestic growth initially supported by generous subsidies from the Chinese government.
However, this state support has attracted scrutiny abroad. The European Union (EU) conducted an investigation in 2024, concluding that Chinese subsidies were creating unfair competition by undercutting local EV manufacturers. In response, the EU imposed tariffs of up to 35.3% on Chinese EVs in October, to which Beijing vowed to take retaliatory measures.
Similarly, both the United States and Canada raised customs duties on Chinese-made EVs to a staggering 100% earlier in the year, further complicating BYD’s expansion efforts in North America.
Breaking Records
BYD’s achievements extend beyond sales figures. In the third quarter of 2024, the company’s revenue surpassed that of Tesla for the first time, highlighting its rising prominence in the global EV market. This milestone coincided with global EV sales hitting a record 1.8 million units in November, according to industry research firm Rho Motion.
Industry Outlook
Despite BYD’s success, the global EV market presents a mixed picture. While overall sales continue to grow, some regions, like Europe, are experiencing contraction. Charles Lester, an expert from Rho Motion, noted in a press release that Europe’s EV sales have shrunk by 3% this year, whereas China accounted for over two-thirds of global EV sales in November.
The Road Ahead
BYD’s record-breaking performance underscores its position as a key player in the EV industry, but its path forward is fraught with geopolitical challenges. As trade barriers tighten and competition intensifies, BYD will need to navigate complex international dynamics to sustain its growth and global aspirations.
