China’s leading electric vehicle (EV) manufacturer, BYD, is set to report further gains in market share as November sales figures are released, positioning the company to surpass its annual target and outpace global automotive giants Ford and Honda in 2024 sales.
BYD delivered 3.76 million vehicles in the first 11 months of 2024, including 506,804 units sold in November. With robust domestic demand and an expanding international footprint, the company is on track to exceed its 4-million-unit target for the year. Strong sales of its innovative plug-in hybrid and fully electric models have enabled BYD to capture 16.2% of the Chinese auto market as of October, up from 12.5% in 2023, according to the China Passenger Car Association (CPCA).
The company’s rapid growth contrasts with declining market shares of legacy automakers like Volkswagen, whose joint ventures with SAIC and FAW Group held a combined 12.5% share through October, down from 14.2% in 2023. Analysts predict that BYD’s annual sales could reach 6 million units by 2025, placing it among the world’s leading automakers, alongside General Motors and Stellantis.
BYD’s surge in production capacity, bolstered by the addition of nearly 200,000 units between August and October and a workforce expansion of 200,000 employees, underscores its aggressive growth strategy. As of September, the company employed nearly one million workers, up from 703,500 at the end of 2023.
Citi analysts, following a meeting with BYD management, forecast the company could deliver between 5 and 6 million vehicles in 2025, reflecting its strong production ramp-up and market momentum. With its cutting-edge technology and competitive model lineup, BYD continues to set new benchmarks in the global EV market.
