BYD is now set to become the world’s top electric vehicle producer with record-high sales. On December 9, BYD released its November vehicle sales data, which led the company to overtake Ford and Honda in global sales. The EV carmaker company is also anticipating to exceed its global annual sales. Earlier, BYD overtook Tesla in global sales after the release of its third-quarter report.
The China-based company had enormous growth this year, from increased production to massive hiring for revenue growth.
BYD had a robust sale in China which continued for several months, forcing the company on track to outperform its annual sales forecast of 4 million vehicles. The company has already managed to exceed the global sales of Ford and Honda.
BYD’s Bold 2024 Sales Target
BYD had an annual sales target of 4 million vehicles which is all set to be beaten as the EV giant already did sales of 3.76 million cars in 11 months, including 506,804 units sold in November. With the recently released plug-in hybrid technology and unexpected sales by its competitive range of models, BYD is expected to have more shares in the market after the China Passenger Car Association (CPCA) releases vehicle sales data for November.
As per October’s data, BYD’s share makes up 16.2% of China’s auto market, which includes 90% of the company’s total sales. According to CPCA data, the company’s share in China’s auto market was 12.5% in 2023. While BYD had a great performance year, Volkswagen and its joint ventures with SAIC and FAW collectively made a share of 12.5% in the market compared to last year’s report of 14.2%.
BYD Poised to Become the World’s Largest Carmaker
Considering the recent sales, the electric vehicle giant is expected to sell more than 6 million units in the next 12 months. If BYD manages to meet the expectations it would be standing beside the world’s leading automakers like Stellantis and General Motors. In 2008, Wang, Chu, and Fu, the found of BYD, set a goal for the company to achieve within the next two decades.
The mission was to secure its place as China’s largest auto manufacturer by 2015, and the world’s largest by 2025. The company seems to be on track to accomplish its mission.
New Energy Vehicle Sale Stay Above the Halfway Mark
The new energy vehicle sales in China showed a dip as compared to October’s report but still managed to stay above the halfway mark. In November 2024, new energy vehicles accounted for 51.8% of the total vehicle sales in China while other fuel-type vehicles accounted for 48.2% of total sales. The margin is slightly low from October’s 52%. The CPCA report confirms that EV sales remain higher in demand than gasoline vehicles.
BYD’s rapid growth, driven by impressive sales figures and the success of its plug-in hybrid technology, has positioned the company as a strong contender to become the world’s largest carmaker. With the company on track to surpass its 4 million vehicle sales target and the electric vehicle market showing sustained growth, BYD is carving out a dominant position in the global automotive industry. If it continues on this trajectory, it could soon join the ranks of the world’s leading automakers, reshaping the future of transportation.
