BUSINESS
BYD electric vehicle maker sees sales surge in 2024
January 2, 2025 - BYD, the Chinese hybrid and electric vehicle (EV) maker, saw its sales surge in the second half of 2024 – aided by domestic subsidies aiming to entice drivers to ditch fossil fuel-powered cars.
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BYD, the Chinese hybrid and electric vehicle (EV) maker, saw its sales surge at the end of 2024, as it competes with Tesla to be the world’s best-selling electric vehicle maker.
The company says it sold 207,734 EVs in December, taking its 2024 tally to 1.77 million. Overall, it sold 4.25 million passenger cars last year (it stopped manufacturing vehicles powered solely by fossil fuels in 2022).
BYD’s recent gains are being aided by domestic Chinese subsidies aiming to convince drivers to ditch petrol cars – it sells 90% of its vehicles in China.
Tesla maintained a slim lead in EV sales over BYD in 2024, but the Shenzhen-based firm has been closing the gap.
The rise of BYD and Tesla contrasts sharply with the challenges facing legacy car makers such as Honda and Nissan (in merger talks), Volkswagen and Stellantis (owner of Chrysler, Fiat, Jeep, Peugeot and Vauxhall), which have been struggling in major Western markets.