According to news reports, China's auto leader BYD announced on the 1st that its sales of new energy vehicles (NEVs) in 2024 will reach 4.272 million units, a sharp increase of 41% year-on-year, a record high. The increase was mainly due to the surge in plug-in hybrid electric vehicle (PHEV) sales. This achievement not only marks the first time that BYD has sold more than 4 million vehicles annually, but also shows that BYD's competitiveness in the global new energy vehicle market is significantly increasing, posing a challenge to Tesla's market leadership.
Sales breakthrough: Pure electric and plug-in hybrid are both strong
BYD's monthly sales in December 2024 reached a record high of 514,809 new energy vehicles, and the cumulative sales for the year were 4,272,145 units, up 41.3% year-on-year. Among these results, BEVs sold 1,764,992 units, accounting for 41.5% of BYD's total sales, up 12% year-on-year. Plug-in hybrid vehicles (PHEVs) sold 2,485,378 units, accounting for 58.5% of BYD's total sales, up 72.8% year-on-year.
This sales growth not only demonstrates BYD's achievements in technological innovation, especially in battery technology and vehicle intelligence, but also highlights its steadily increasing production capacity and brand attractiveness in the face of growing market demand.
Strong growth in overseas markets
BYD's performance in the international market is also eye-catching. In 2024, BYD's overseas sales reached 417,204 units, a year-on-year increase of 71.9%. This achievement proves BYD's success in global market expansion, not only dominating the Chinese market, but also actively deploying in Europe, Latin America and other regions, gradually breaking the market barriers of traditional European and American car companies.
In contrast, Tesla's sales in the global EV market are still in the lead, but their sales in the first quarter of 2024 have declined. According to the data, Tesla delivered 386,810 battery electric vehicles, down 9% year-on-year. By contrast, BYD's sales rose 13% to 300,114 units over the same period, nearly halving the gap with Tesla.
Pictured: BYD's sales hit a record, challenging Tesla
The market competition is becoming increasingly fierce
BYD's achievements in the field of new energy vehicles in 2024, especially the strong growth of pure electric vehicles and plug-in hybrids, mark a significant improvement in its competitiveness in the global automotive market. Although Tesla still has an advantage in the field of pure electric vehicles, BYD's rapid progress in product diversity, technological innovation and capacity expansion has begun to pose a substantial challenge to Tesla's market leading position.
Notably, BYD's plug-in hybrid electric vehicle (PHEV) product line saw a 72.8% increase in sales in 2024, and the growth in demand for this category is closely related to the tightening of environmental regulations and fuel consumption restrictions around the world. BYD's plug-in hybrid models have not only been well received in the Chinese market, but also in Europe and other places, allowing BYD to provide flexible product choices in the face of the diverse needs of the global market.
Looking ahead: BYD's competition with Tesla intensifies
As BYD continues to expand its production capacity and ramps up R&D investment, the competition between BYD and Tesla is likely to become more intense in the coming years. BYD plans to continue to promote its new energy technology innovation in the coming years, especially breakthroughs in battery technology, autonomous driving and intelligent networking, which will further strengthen its competitive position in the global new energy vehicle market.
In addition, BYD's strong performance in the domestic market and continued expansion in overseas markets indicate that it will have more market share in the future. With the continuous strengthening of environmental protection policies by various governments, the demand for new energy vehicles is expected to continue to grow, and BYD, with its comprehensive product line and strong production capacity, will be able to better meet the needs of different consumers.
Conclusion
In 2024, BYD will not only consolidate its leading position in the global new energy vehicle market through record sales results, but also gradually catch up with Tesla. In the next few years, with the continuous innovation of technology and the continuous growth of market demand, the competition between BYD and Tesla will become more and more intense, which will promote the further development of the global new energy vehicle industry and also benefit consumers in a more competitive and selective market.
