Chinese automaker BYD saw a surge in sales late last year, moving it closer to becoming the world’s best-selling electric vehicle (EV) maker in 2024.
The company said it sold 207,734 EVs in December, bringing its annual total to 1.76 million, as subsidies and discounts helped attract customers.
It comes as Tesla is scheduled to announce its quarterly sales figures later on Thursday.
The US electric car maker maintained a slim lead in EV sales over BYD last quarter, but the Shenzhen-based firm is closing the gap.
BYD’s total vehicle sales increased by more than 41 percent year-on-year in 2024. This growth was mainly fueled by sales of its hybrid cars.
The company has benefited from rising car sales in its home market, as fierce competition has driven down prices and government subsidies have encouraged consumers to replace their older cars with EVs or other fuel-efficient options.
BYD sells 90% of its cars in China, where it is expanding its lead over foreign brands such as Volkswagen and Toyota.
The rise of BYD and other Chinese EV makers contrasts with the challenges faced by some older automakers, which are struggling in major Western markets.
last month, Honda and Nissan confirmed they are in merger talks.as the two Japanese firms look to fight off competition from the Chinese car industry.
Also in December, Volkswagen announced that it has reached an agreement with the IG metal trade union. That would avoid plant closures in Germany and immediate mandatory redundancies.
The German motor industry giant had earlier warned that it would have to shutter plants in the country for the first time to cut costs.
At the beginning of the month, Carlos Tavares, the head of the car maker Stellartis, has resigned with immediate effect After a confrontation in the boardroom.
His sudden exit from the company – which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler – came two months after Stellenbosch issued a profit warning.
In the third quarter of 2024, BYD saw its revenue increase, Beating Tesla for the first time.
It posted more than 200 billion yuan ($28.2bn, £21.8bn) in revenue between July and September – up 24% from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.
However, Tesla still sold more electric vehicles (EVs) than BYD.
Chinese automakers have been trying to expand their EV sales outside the country, but have faced pushback in some major markets.
In October, EU tariffs A tariff of up to 45.3 percent on imports of Chinese-made EVs was implemented across the bloc.
The US has also imposed 100% duties on EVs from China and President-elect Donald Trump is expected to do the same. More tariffs.
Meanwhile, BYD is expanding its footprint in emerging economies.
Last month, it suffered a setback in Brazil – its biggest overseas market – with The authorities are stopping the construction of the BYD factory.stating that the workers lived in conditions comparable to “slavery”.
BYD said it had severed ties with the construction firm involved and was committed to “full compliance with Brazilian legislation”.