Beijing (AFP) – Chinese auto giant BYD sold 2.26 million electric vehicles last year, a company statement showed Thursday, setting a new record for any firm globally. The figure puts BYD in pole position to outstrip Elon Musk’s Tesla in the annual category for the first time, with the lagging Texas-based firm having previously announced 1.22 million in 2025 EV sales by the end of September. Tesla is expected to announce its total EV sales for last year on Friday.
Shenzhen-based BYD, which also produces hybrid cars, announced the data in a statement published to the Hong Kong Stock Exchange, where it is listed. Known as “Biyadi” in Chinese — or by the English slogan “Build Your Dreams” — BYD was founded in 1995, originally specialising in battery manufacturing. The automotive juggernaut has come to dominate China’s highly competitive new energy vehicle market — the world’s largest.
Now it is seeking to expand its presence overseas, as increasingly price-wary consumption patterns in China weigh on profitability. BYD and its Chinese competitors face hefty tariffs in the United States. But its success is growing in Southeast Asia, the Middle East, and even Europe — to the consternation of traditional industry heavyweights from the continent.
Tesla narrowly beat BYD in annual EV sales in 2024, with the US company’s 1.79 million just outpacing the latter’s 1.76 million. This year, Musk’s firm has seen sales struggle in key markets over the CEO’s political support of US President Donald Trump and far-right politicians. Tesla has also faced rising EV competition from BYD and other Chinese companies, as well as from European giants.
© 2024 AFP
