Chinese automaker BYD saw its sales increase late last year, bringing it closer to becoming the world’s best-selling electric vehicle (EV) maker in 2024.
The company says it sold 207,734 electric vehicles in December, bringing its annual total to 1.76 million, as subsidies and discounts helped attract customers.
This comes as Tesla is expected to announce its own quarterly sales figures later on Thursday.
The American electric car maker maintained a slight lead in electric vehicle sales over BYD in the previous quarter, but the Shenzhen-based company narrowed the gap.
Total BYD vehicle sales jumped more than 41% in 2024, year-on-year. This increase is mainly due to sales of its hybrid cars.
The company benefited from increased car sales in its domestic market as intense competition drove down prices and government subsidies encouraged consumers to replace their old cars with electric vehicles or other more expensive options. fuel efficient.
BYD sells 90% of its cars in China, where it is expanding its lead over foreign brands like Volkswagen and Toyota.
The rise of BYD and other Chinese electric vehicle makers contrasts with the challenges facing some incumbent automakers, which are struggling in major Western markets.
Last month, Honda and Nissan confirmed they were in merger talks, as the two Japanese companies look to combat competition from China’s auto industry.
Also in December, Volkswagen announced that it had reached an agreement with the IG Metall union that will avoid factory closures in Germany and immediate compulsory layoffs.
The German auto industry giant previously warned it may have to close factories in the country for the first time to cut costs.
Earlier this month, the boss of car giant Stellantis, Carlos Tavares, resigned with immediate effect following a conflict within the board of directors.
His abrupt departure from the company – which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler – came two months after Stellantis issued a results warning.
In the third quarter of 2024, BYD saw its revenue soar, beating Tesla’s for the first time.
It recorded more than 200 billion yuan ($28.2 billion) in revenue between July and September, a 24% jump from the same period last year, and more than Elon’s company Musk whose quarterly turnover was $25.2 billion.
However, Tesla has consistently sold more electric vehicles (EVs) than BYD.
