Chinese automaker BYD reported record electric vehicle (EV) sales in December, delivering 207,734 units and bringing its annual total to 1.76 million.
This marked a significant challenge to Tesla Inc (NASDAQ:TSLA), the current leader in global EV sales, which is expected to post car sales of 1.8 million for the year just gone when it reports later on Thursday.
Subsidies, discounts, and a competitive domestic market helped drive a 41% year-on-year increase in BYD's total vehicle sales in 2024, bolstered by strong demand for its hybrid models.
BYD dominates the Chinese market, selling 90% of its vehicles domestically and outperforming brands like Volkswagen and Toyota.
However, Chinese EV makers face challenges abroad, including high tariffs in the European Union and the United States.
Despite these hurdles, BYD continues to expand in emerging markets, though it faced a setback in Brazil over alleged labour violations.
Meanwhile, legacy automakers like Volkswagen and Stellantis face restructuring pressures, highlighting the shifting dynamics of the global automotive industry.