China leader BYD achieves record global sales of EVs and hybrids in 2024 as intense competition redefines world’s biggest auto market
Carmaker BYD, the sales leader in China, recorded a global sales record for electric and hybrid vehicles last year, despite intense competition in its home market.
Tesla’s biggest rival sold 4.3 million electric and hybrid vehicles in 2024, far exceeding the previously set target of 3.6 million, according to a company statement. “Champion of China, Champion of the World,” BYD said in a social media post on Wednesday night.
BYD has sold more than 1.76 million pure electric vehicles in 2024, closing the gap on Tesla in the race to be the world’s biggest seller of EVs. To reach its target of 1.81 million vehicles sold in 2024, Tesla would have to report sales of 515,000 units in the fourth quarter, the numbers of which are expected later this Thursday.
Other Chinese automakers such as Li Auto, the first EV start-up to be profitable in China, Stellantis-backed Leapmotor and smartphone maker Xiaomi, also surpassed their targets, selling 500,000, 290,000 and 135,000 electric vehicles, respectively, in 2024.
China is expected to sell more EVs, including pure electric cars and plug-in hybrids, than internal combustion engine vehicles for the first time in 2025, thanks to hundreds of billions of dollars in government subsidies over the past decade.
Automakers also benefited from a vehicle trade-in program launched last April, which allowed consumers to receive 20,000 renminbi ($2,740) for replacing an old gasoline car with an EV.
While some big brands have performed well, fierce competition and a prolonged price war have put dozens of companies under pressure. Several automakers, such as Xpeng and Nio, did not reach their sales targets, despite recording growth.
“Competition in the market is very fierce,” said Yale Zhang, managing director of Shanghai-based consultancy Automotive Foresight. “The biggest companies are taking an increasing share of the market, while most of the smaller groups are struggling.”
Consolidation is already shaping the world’s largest EV market. Promising start-ups such as Baidu-backed HiPhi and Jidu collapsed last year. In November, automotive conglomerate Geely combined its Zeekr and Lynk & Co sub-brands to “simplify operations”.
“Economies of scale are more important than ever for automakers as the industry transitions to EVs,” Zhang added.
Analysts also pointed out that the entry of technology groups, such as Xiaomi and Huawei, further intensified competition.
As of December 31, Xiaomi has sold more than 135,000 units of its only model, the SU7 sedan, launched at the end of March, surpassing its target of 130,000 cars. Founder Lei Jun said on Wednesday that the group aims to more than double that number by 2025, delivering 300,000 EVs.
“China’s EV market is huge, so even a niche segment can present considerable demand,” said Li Yanwei, a member of the expert committee of the China Automobile Dealers Association. “Xiaomi’s SU7 sedan has attracted attention by meeting consumer demands for a personalized car at an attractive price.”
President Xi Jinping acknowledged the industry’s success in his New Year’s speech. “[O] China’s annual production volume of new energy vehicles exceeded 10 million units for the first time,” Xi said in a televised speech on Tuesday.
With information from the Financial Times*
Source: https://www.ocafezinho.com/2025/01/02/vendas-recordes-coroam-a-byd-como-gigante-dos-eletricos/
