[News] BYD Achieves Record 2024 Sales, Challenging Tesla’s Lead

According to a report from Central News Agency, China’s automotive leader BYD announced on the 1st that its 2024 new energy vehicle (NEV) sales reached 4.272 million vehicles, marking a substantial 41% YoY increase and setting a new historical high. The growth is primarily attributed to the surging sales of plug-in hybrid vehicles (PHEVs).

However, while its sales of battery electric vehicles (BEVs) continue to grow, BYD is still expected to fall short of overtaking Tesla as the leader in the BEV market, as the report notes.

BYD’s production and sales data show that its PHEV sales in 2024 reached 2,485,378 units, a remarkable increase of 72.83% compared to 2023. In contrast, BYD’s BEV sales for 2024 amounted to 1,764,992 units, reflecting a more modest year-on-year growth of 12.08%.

Also, its production and sales report indicates that NEV sales of December reached 514,809 units, marking a significant year-on-year increase of 50.95%.

Global BEV Market Trends and Tesla’s Position

The report also highlights that the global BEV market experienced its first decline last year. Compared to competitors, BYD’s performance stands out and poses an increasing threat to Tesla’s position as the BEV leader, as the report notes.

Tesla delivered 1.808581 million vehicles worldwide in 2023, a year-on-year increase of 38%. However, its deliveries for the first three quarters of 2024 totaled 1.294 million vehicles, representing a decline of 2.3%. To surpass its 2023 sales, Tesla would need to deliver at least 514,925 vehicles in the fourth quarter of 2024, according to the report from Central News Agency, citing Sina Finance.

As reported by Sina Finance, Tesla is expected to announce its fourth-quarter 2024 delivery figures on January 2nd or 3rd. Industry sources estimate the numbers to fall below 515,000 vehicles, with the possibility of a decline not being ruled out. The Liberty Times report also notes that Tesla’s Model Y underwent price reductions in the previous quarter to boost sales.

TrendForce’s latest findings show that global sales of NEVs—including BEVs, PHEVs, and FCEVs—reached 4.123 million units in 3Q24, marking a 19.3% YoY increase. Global NEV sales are projected to total 16.26 million units in 2024, representing a 24.8% YoY growth. BEV sales in 3Q24 totaled 2.509 million units, growing 3.9% YoY. Tesla maintained its top position with an 18.5% market share, followed by BYD at 17.5%.

Xiaomi Aims for 300,000 Vehicle Deliveries in 2025

Meanwhile, as BYD announced its record-breaking 2024 sales figures, Xiaomi founder Lei Jun sets a new goal for 2025. According to a report from Liberty Times citing Chinese media outlet Time Weekly, Lei Jun announced during a New Year’s Eve live stream that he aims to deliver 300,000 Xiaomi vehicles in 2025.

During the live stream, Lei Jun states that for now, establishing a proprietary charging network is not a priority for Xiaomi vehicles, given the relatively sufficient number of public charging stations, as indicated by Time Weekly.

The report from Time Weekly also notes that Lei congratulated competitor Li Auto for its 2024 annual deliveries of 500,508 vehicles. He praised Li Auto’s achievements, stating that Li Auto has done an incredible job, and is a model worth admiration.

Read more

• [News] China’s New Energy Vehicle Penetration Rate Exceeds 40%, Expected Optimistic Growth by 2024
• [News] China’s Auto Industry Faces New Price War as BYD Slashes Prices Early
• Global PHEV Sales Surge by 55.3% in 3Q24, BYD Market Share Exceeds 40%, Says TrendForce

(Photo credit: BYD)