Chinese EV giant BYD's vehicle sales surge by over 41 pc in 2024
SHANGHAI: Leading Chinese electric vehicle (EV) manufacturer BYD saw a significant increase in sales in 2024, according to a company statement. As the firm continues to expand its international reach, it reported selling 4,272,145 vehicles last year, a 41.3% rise from 2023's figure of 3,024,417 units.
In December alone, BYD sold 57,154 vehicles outside China, representing a 58.3% increase compared to the same period in 2023. BYD, known for its slogan "Build Your Dreams", is the largest EV manufacturer in China, the world's biggest automotive market.
For the first time, BYD's quarterly revenue surpassed that of global rival Tesla during the third quarter of last year. The rapid growth in sales for BYD and other Chinese EV makers in their domestic market has been partly driven by substantial subsidies from the Chinese government.
However, the expansion of Chinese automotive firms abroad faces challenges due to escalating trade disputes between Beijing and Western countries. The European Union (EU) has raised concerns about extensive state support leading to unfair competition. An investigation by the EU found that Beijing's subsidies were undermining local competitors. Consequently, the EU announced in October that it would impose additional tariffs of up to 35.3% on Chinese EVs, to which Beijing responded by stating it would "take all necessary measures" to protect its firms' interests.
Earlier in 2024, the United States and Canada also increased customs duties on Chinese EVs to 100%.
BYD's announcement comes after global EV sales reached a record 1.8 million units in November, according to industry research firm Rho Motion. "This quarter has seen significant growth in global EV sales, with record-breaking months," commented Charles Lester, an expert from Rho Motion. "However, the regional outlook is mixed, with Europe experiencing a 3% decline this year so far, while China accounted for over two-thirds of the electric vehicles sold in November."
By RSS/AFP
