In 2024, BYD cemented its position as a dominant force in the global NEV (New Energy Vehicle) market, achieving a series of record-breaking milestones in sales and production. The company sold over 4.27 million NEVs for the year, reflecting a 41.26% year-on-year growth. This included significant contributions from its passenger BEV (Battery Electric Vehicle) and PHEV (Plug-in Hybrid Electric Vehicle) segments, which sold 1.76 million and 2.48 million units, respectively. Notably, BYD discontinued internal combustion engine vehicle production in 2022 to focus exclusively on NEVs, a strategic move that has paid off with seven consecutive months of record sales and three months exceeding 500,000 units sold. BYD’s overseas market expansion has also been remarkable, with 417,204 vehicles sold internationally in 2024, a 71.86% increase compared to the previous year.
When compared to Tesla and other competitors, BYD’s strategy of diversifying its offerings between BEVs and PHEVs stands out. Tesla focuses exclusively on BEVs, achieving around 1.9 million deliveries in 2024, which, while impressive, highlights BYD’s broader appeal in hybrid markets. Additionally, BYD’s integration of power and energy storage solutions, with an installed capacity reaching 194.7 GWh, solidifies its position as not only a vehicle manufacturer but also a key player in battery technology. While Tesla leads in premium BEVs and technological innovations, BYD’s focus on affordability, scale, and hybrid options makes it a formidable competitor, particularly in markets like China and other developing economies. Overall, BYD’s growth trajectory signals a transformative shift in the automotive landscape, with the company setting benchmarks for both volume and strategic innovation in the NEV industry.
