China’s BYD Co. had a spike in year-end sales last year, reaching 4.25 million passenger cars, closing the gap with Tesla Inc. as the two companies compete for the title of 2024’s best-selling electric vehicle manufacturer.
The Shenzhen-based automaker, which ceased producing cars that were solely powered by fossil fuels in 2022, achieved a new monthly sales record in December thanks to subsidies and additional incentives for customers. In December, BYD sold 509,440 passenger cars that were both plug-in hybrids and all-electric. With 207,734 EVs included in the statistic, the total number of battery-powered cars sold year is 1.76 million. Overall yearly revenues rose 41% from the previous year.
The emergence of BYD as a top-selling automobile brand contrasts with the difficulties that an increasing number of established auto titans, including Nissan Motor Co., Volkswagen AG, and Stellantis NV, are currently confronting. In addition to experiencing declining sales in China, Western automakers have lagged behind in the EV shift.
Later this week, Tesla will reveal its fourth-quarter sales results. To fulfill its projection for “slight growth” in year sales, the Elon Musk-led company must sell at least 515,000 EVs in the last three months of 2024, or 1.81 million vehicles, setting a quarterly record. The 510,400 deliveries predicted by analysts fall slightly short of Tesla’s projections.
In terms of quarterly sales this year, BYD has lagged behind Tesla. BYD sold 1.16 million EVs by the third quarter, 124,100 fewer than Tesla. To close the gap with its US counterpart, the Chinese best-seller saw a spike in the most recent quarter.