BYD, the largest electric car manufacturer in China, may lead the car sales market in 2024. The company has a chance to overtake Japanese Honda and American Ford in terms of annual sales, Reuters reports.
Over the course of the year, the Chinese automaker hired approximately 200,000 new employees and achieved record quarterly profits and sales of electric vehicles. Thanks to this rapid development, the company may exceed 4 million cars sold.
As of the end of November, BYD had delivered 3.78 million vehicles, of which 506,804 were delivered in November alone. This month saw the fastest sales growth in China on record, thanks to government subsidies for car exchanges.
As of November, BYD's share of the Chinese automotive market, which accounts for 90% of the company's total sales, reached 17.1%. This is a marked increase from 12.5% in the same period in 2023.
Analysts predict that the company's sales will grow even more in 2025. According to their estimates, the Chinese automaker will be able to deliver 5 to 6 million vehicles over the next 12 months, which will make BYD's production capabilities comparable to the world's leading automakers such as General Motors and Stellantis.