BYD, world’s leading EV giant, kicked off Q4 2024 with a bang, achieving record-breaking sales in October, as the Chinese auto market hit its peak purchasing season. BYD’s global passenger-car sales surged by 66%, reaching an impressive 500,526 units for the month—outpacing Western competitors like Volkswagen, which are finding it hard to keep up in the world’s largest auto market.
How Sales Performed?
In terms of financials, BYD reported Q3 revenue of 201.1 billion yuan ($28.3 billion), surpassing Tesla’s $25.2 billion for the same period. These gains reflect strong consumer incentives and subsidies in China, particularly during the final quarter when EV and hybrid sales are bolstered by government policies.
BYD’s strong performance is driven largely by the popularity of its plug-in hybrid models, with 310,912 deliveries in October, while the remaining sales came from fully electric vehicles.
The company has also introduced hybrids with enhanced powertrains, extending range capabilities to over 2,000 kilometers on a single charge—a feature that appeals to Chinese consumers seeking long-range options.
BYD Challenging Western Automakers
While Chinese automakers like BYD are flourishing, traditional Western brands, including Volkswagen, Mercedes-Benz, and Stellantis, are grappling with the shift from combustion engines to electric vehicles in China.
BYD achieved its half-million milestone a month ahead of Citibank analyst Jeff Chung’s forecast, highlighting its accelerating momentum. The company’s rapid rise has stirred concerns that China may be poised to dominate the global auto industry, putting European and American manufacturers on the defensive.
Trade Tariffs On BYD
In response, the European Union recently imposed higher tariffs on Asian EV imports, increasing trade tensions between the regions.
Despite its domestic success, BYD’s push for global expansion remains mixed. Its overseas sales in October were about 31,200 units, despite efforts to increase brand visibility in Europe, including sponsorship of the European Championship.
As China’s EV market continues to grow, BYD’s ascent is a testament to the country’s determination to lead in clean energy transportation.
