BYD, China’s best-selling car manufacturer, sold a record number of electric vehicles (EVs) and hybrid vehicles worldwide in 2024, despite fierce competition in its home market.
Tesla’s biggest rival sold 4.3 million EVs and hybrid vehicles in 2024, far exceeding its previously set target of 3.6 million, according to a company statement. “Champion of China, champion of the world,” the company announced in a social media post late Wednesday.
BYD sold more than 1.76 million pure electric vehicles last year, narrowing the gap with Tesla in the race to become the world’s best-selling EV company. Tesla needs to sell 515,000 vehicles in the fourth quarter to reach its target of 1.81 million EVs in 2024, according to sales figures to be released on Thursday. Other Chinese automakers, including Li Auto, Leapmotor (backed by Stellantis), and Xiaomi, also exceeded their targets by selling 500,000, 290,000, and 135,000 EVs in 2024, respectively.
China is expected to sell more electric vehicles, including pure battery-powered cars and plug-in hybrids, than internal combustion engine vehicles for the first time in 2025. This shift is largely due to hundreds of billions of dollars in government subsidies over the past decade.
