Chinese automaker BYD reported selling 2,256,714 pure electric vehicles last year, marking a 27.9% increase compared with the previous year and positioning it as the leading global electric vehicle (EV) seller. Tesla’s full-year figures for the same period have yet to be released, but third-quarter sales totaled approximately 1.22 million units, and estimated fourth-quarter deliveries of 422,850 would bring its annual total to around 1.64 million vehicles.
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In 2024, BYD also led in EV production volume, although it ranked second in annual sales with 1.76 million units, just behind Tesla’s 1.79 million. When including hydrogen and hybrid models, BYD’s total new energy vehicle sales reached 4,602,436 units, up 7.7% year-on-year. The company attributed its sales growth to an adjusted strategy focused on expanding overseas markets, though it did not disclose specific export ratios.
Other Chinese automakers such as Geely, SAIC Motor, Chang’an Automobile, and Chery have likewise strengthened their positions in the global EV market. Industry consultancy UBS projected that Chinese EV manufacturers could capture about one-third of the total global automotive market, including internal combustion engine vehicles, by 2030—up from an estimated 15% share in 2023—despite existing trade barriers in the United States and Europe.
According to SNE Research, Chinese firms held 63.7% of the broader EV market (including hybrids) from January to October last year, with five of the top ten brands being domestic companies. This prominence reflects China’s strategic shift away from competing on internal combustion engines and toward aggressive investments in EV technologies and supply chains, supported by the 14th Five-Year Plan’s emphasis on connected vehicles and advanced driver assistance systems.
Chinese automakers have also leveraged price competitiveness and local production facilities in markets such as Thailand, Brazil, and Hungary to accelerate overseas penetration. They are now moving into premium segments by enhancing interior design and autonomous driving features. For example, Huawei’s premium Maextro S800 sedan topped China’s luxury sales charts in November, outselling established European rivals.
Source: BusinessKorea
