BYD shatters sales records with over 4 million NEVs sold in 2024

BYD has announced record-breaking new energy vehicle (NEV) sales for December 2024 and the full year. The company sold a staggering 514,809 NEVs in December alone, marking its seventh consecutive month of record sales. That's a 50.95% increase from the same period last year and a 1.58% increase from November 2024. BYD's total sales for 2024 reached an astounding 4.27 million NEVs. That's a 41.26% increase year-on-year.

BYD's success can be attributed to its diverse product portfolio, competitive pricing, and expansion into overseas markets. The company has a huge portfolio of passenger and commercial NEVs and in December it sold a record 509,440 passenger and 5,369 commercial vehicles.

The company's focus on plug-in hybrids has also contributed significantly to its sales growth. In 2024, BYD sold 2,485,378 passenger PHEVs, a 72.83% increase year-on-year. BYD also saw steady growth in its battery electric vehicle (BEV) segment, selling 1,764,992 passenger BEVs in 2024, a 12.08% improvement year-on-year. It's worth pointing out that BYD sold only 25,000 BEVs less than Tesla last year.

BYD's overseas expansion has fueled its sales momentum. The company sold 417,204 units in overseas markets in 2024, a 71.86% increase year-on-year. In December alone, BYD sold 57,154 vehicles overseas, a significant increase from both the previous year and the previous month.

The company's strong performance in the NEV market is also reflected in its power battery business. BYD's installed capacity of power and energy storage batteries reached approximately 194.705 GWh for the full year of 2024. This represents a 29.02% increase year-on-year.

BYD's record-breaking sales figures are the best proof that the company was right to ditch the internal combustion business altogether. As the global demand for electric vehicles continues to rise, BYD's sales and global market influence will only grow.

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