BYD Sells Record 4.27 Million Cars In 2024

BYD Sells Record 4.27 Million Cars in 2024

In 2024, BYD achieved a record-breaking 4.27 million vehicle sales, marking a 41.3% increase over the previous year. The company saw substantial growth in both electric and plug-in hybrid vehicle segments, further solidifying its global presence. With impressive export numbers and an upward sales trajectory, BYD is positioning itself as a serious competitor to legacy automakers, potentially challenging industry giants like Toyota in the near future.

BYD has concluded 2024 with impressive global sales of 4,272,145 vehicles, marking a significant 41.3% increase compared to the 3,024,417 units sold in 2023. This achievement sets a new annual sales record for the Chinese automaker, making it the first time in the company’s history that it has surpassed the 4-million mark in annual sales. This remarkable growth underscores BYD’s expanding footprint in the global automotive market and its increasing dominance in the electric vehicle sector.

BYD sold 1,764,992 passenger battery-electric vehicles (EVs), 2,485,378 passenger plug-in hybrids (PHEVs), and 21,775 commercial vehicles in 2024. This results in a 41.5% share for EVs and 58.5% for PHEVs, with PHEVs outpacing EVs by 720,000 units. In comparison, the sales distribution in 2023 was 52.1% EVs and 47.9% PHEVs, with EVs surpassing PHEVs by 125,000 units.

The shift in sales figures is striking, reflecting a significant reversal in trends. When compared to 2023, BYD saw a 12% increase in its EV sales, rising from 1.6 million units to 1.8 million units. However, the more dramatic shift came in the plug-in hybrid (PHEV) category, where sales surged by an astonishing 72.8%, jumping from 1.4 million units in 2023 to nearly 2.5 million units in 2024. This sharp rise in PHEV sales suggests a growing demand for vehicles that offer the best of both worlds: electric power and hybrid efficiency.

BYD’s exports in 2024 totaled 417,204 units, reflecting a substantial 72% increase over the 242,766 units shipped in 2023. For context, 2023’s export numbers were themselves a staggering 334% higher than those of 2022.

Looking ahead to 2025, BYD’s remarkable performance in 2024 sets the stage for even greater achievements. With its expanding global presence and the growing popularity of both electric and plug-in hybrid vehicles, the company is well-positioned to continue its upward trajectory. As consumer demand for eco-friendly transportation increases and BYD’s strategic initiatives further strengthen its foothold in key markets, it’s highly likely that the Chinese automaker will break new sales records once again in the coming year.

Legacy automakers like Toyota have long dominated the global automotive landscape, with annual sales exceeding 11 million vehicles. However, BYD, in less than two decades, has already reached the halfway mark, surpassing 4 million units in sales. This remarkable growth underscores the company’s rapid rise and ability to compete with established players. Given BYD’s aggressive expansion and innovation in the electric vehicle market, it is not far-fetched to think that within the next 5 to 10 years, BYD could pose a serious challenge to Toyota’s leadership in global sales, especially as consumer demand for EVs continues to surge.