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| BYD |
Strong BEV and PHEV Growth Drives BYD to Over 4 Million Units Sold
BYD, China’s leading new energy vehicle (NEV) manufacturer, has set an industry record by surpassing 4 million units in EV production and sales in 2024, marking a 41% year-on-year increase. With strong battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) sales, BYD continues to lead the global NEV market.
BYD’s Historic Growth in NEV Production and Sales
- Total 2024 NEV production: 4.304 million units (+41% YoY)
- Total 2024 NEV sales: 4.272 million units (100% of BYD’s sales)
- December 2024 production: 466,441 units (+41% YoY)
- BEVs: 189,759 units (+7.6% YoY)
- PHEVs: 270,960 units (more than double YoY)
- December 2024 sales: 514,809 units (+41% YoY)
- BEVs: 207,734 units (+8.9% YoY)
- PHEVs: 301,706 units (more than double YoY)
BYD’s performance reinforces China’s dominant role in the EV industry, where total NEV production reached 11.345 million units between January and November 2024 (+35% YoY). Experts predict China’s NEV sales will surpass 13 million units by the end of 2024.
BYD’s Expansion in Power Batteries and Market Position
Beyond EVs, BYD continues to expand its influence in power and energy storage batteries:
- December 2024 power battery installations: 23.495GWh
- Total 2024 power battery installations: 194.705GWh (+29% YoY)
BYD holds the second-largest market share among China’s power battery manufacturers:
- CATL (Contemporary Amperex Technology): 211.7GWh (45% market share)
- BYD: 117.5GWh (25% market share)
- CALB: 32.3GWh (7% market share)
BYD’s battery business positions it as a key competitor to CATL in the race for next-generation energy storage solutions.
Conclusion
BYD’s record-breaking sales in 2024 highlight its dominance in China’s NEV and battery sectors. With BEV and PHEV sales continuing to rise, along with investments in power batteries and energy storage, BYD is well-positioned for further global expansion. As China’s total NEV production surpasses 13 million units, BYD remains at the forefront of the EV revolution.
