BYD Breaks Sales Record, Rivals Tesla for Global EV Leadership
Chinese electric vehicle (EV) manufacturer BYD has set a new sales record, positioning itself as a strong competitor to Tesla for the title of the world’s leading EV maker.
In 2024, BYD sold 1.76 million fully electric vehicles, according to recent sales figures, bringing it closer than ever to surpassing Tesla’s annual sales. This figure is part of a total of 4.25 million vehicles sold by the company, including both electric and hybrid models.
BYD has experienced significant growth in recent months, driven by attractive discounts and a surge in demand for its hybrid vehicles. In December alone, the company sold nearly 510,000 cars—setting a new monthly sales record.
Having surpassed Tesla in quarterly sales in late 2023, BYD now sets its sights on overtaking the US automaker’s annual sales for 2024. Tesla is set to release its fourth-quarter sales data soon, which will determine if BYD can claim the top spot.
In the first three quarters of 2024, Tesla sold around 1.29 million EVs, meaning it would need to sell at least 467,000 units in the fourth quarter to surpass BYD’s 1.76 million total for the year. Like BYD, Tesla has also employed discounts in recent months to stimulate sales, aiming to exceed its 2023 figures.
BYD’s rapid expansion continues to challenge Tesla’s dominance, especially in markets outside the US, where high tariffs have limited BYD’s entry. The company has nonetheless been building factories in Brazil, Southeast Asia, and Europe, regions where it competes with Tesla for market share.
