China’s BYD EV sales surge

BYD, the Chinese hybrid and electric vehicle (EV) maker, saw its sales
surge in the second half of 2024 – aided by domestic subsidies
aiming to entice drivers to ditch fossil fuel-powered cars

BYD PLUG-IN HYBRID AND EV SALES, 2020-2024

2020 2021 2022 2023 2024

600,000
500
400
300
200
100
0

DEC 2020
27,600

DEC 2021
92,800

DEC 2022
234,600

DEC 2023
340,200

DEC 2024
509,400

Q4 2023-
Q1 2024
43%
DROP

Dips caused by
Chinese New
Year breaks

90%
Share of
BYD cars
sold in
China

Mar 2022: Stops manufacturing vehicles powered solely by fossil fuels

BYD VS TESLA (2024 unit sales, millions)

0 0.5 1.0 1.5 2.0

BYD Q1 Q2 Q3 Q4 1.77m

Tesla Q1 Q2 Q3 Q4 1.80m

Sources: BBC, Bloomberg, Reuters
Illustration source: BYD
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