BYD Auto, China’s leading electric vehicle (EV) manufacturer, outpaced Tesla to become the world’s top seller of pure electric cars in the fourth quarter of 2024.
The Shenzhen-based company delivered 595,412 battery electric vehicles (BEVs), a 13.1% increase from the previous year. In addition, BYD sold 918,556 plug-in hybrid electric vehicles (PHEVs), marking a 120.7% jump.
This performance significantly exceeded Tesla’s deliveries of 495,570 vehicles, which fell short of expectations. Tesla’s deliveries were up 2.3% year-over-year, but they were below the projected 512,277 vehicles.
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Phate Zhang, founder of CnEVPost, noted that BYD’s strong product range, particularly its more affordable BEV models, attracts a wide customer base, including middle- and low-income consumers globally.
BYD’s strategy has been successful, allowing it to retain its position as the world’s largest BEV maker.
In 2024, BYD delivered 4.27 million vehicles, an impressive 41.3% increase from the previous year.
The company is expected to surpass Volkswagen to become China’s largest automaker, including both EVs and traditional vehicles, although Volkswagen has yet to release its full-year figures.
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Meanwhile, Tesla reported its first annual decline in deliveries, with a 1.1% drop to 1.79 million units, prompting a 6% dip in its stock price.