BYD Sales Surge Narrows Competition Gap with Tesla in Electric Vehicle Market

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Chinese electric vehicle (EV) manufacturer BYD has reported a remarkable increase in sales, closing in on Tesla as it vies for the title of the world's best-selling EV maker for 2024. In December alone, BYD sold 207,734 electric vehicles, bringing its total annual sales to 1.76 million. This jump in sales was driven by government subsidies and discounts that attracted a larger customer base.

For the last quarter, Tesla maintained a slight edge over BYD in overall EV sales, but BYD's rapid growth indicates a narrowing gap between the two. The company's total vehicle sales increased by over 41% in 2024 compared to the previous year, largely attributed to strong sales of hybrid models. Most of BYD's sales—approximately 90%—occurred in its home market of China, where the company has strengthened its position against foreign brands such as Volkswagen and Toyota.

While BYD is making significant strides, traditional automakers continue to face difficulties in competing with Chinese EV manufacturers. Recent reports highlighted that Honda and Nissan are in merger talks to counter the competition, while Volkswagen has reached an agreement with the IG Metall trade union to avert plant closures in Germany.

In the third quarter of 2024, BYD's revenues reached over 200 billion yuan, surpassing Tesla’s quarterly figures for the first time, despite Tesla still leading in the total number of vehicles sold. Internationally, BYD's efforts to expand sales outside China have met challenges, particularly due to the European Union's new tariffs on Chinese-made EVs and high duties imposed by the US.

In Brazil, BYD faced a setback when the construction of a factory was halted due to allegations of poor working conditions. The company stated it has severed ties with the construction firm involved and emphasized its commitment to comply with local laws.

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