BYD, the Chinese carmaker, is making headlines. In November 2024, the company produced its 10 millionth new energy vehicle (NEV) at its Xiaomo Production Base in China. Following this momentum, BYD has achieved another significant sales milestone where the Chinese carmaker sold over four million cars annually for the first time.
According to CarNewsChina, BYD has sold over 4.2 million cars in 2024, including 1,764,992 battery-electric vehicles (BEVs). This represents a 12% increase from 1.6 million BEVs sold in 2023. In total, BEVs represent 41.5% of BYD’s total sales in 2024.
While encouraging, it was actually the plug-in hybrids (PHEVs) that has helped BYD surge past the 4.3 million mark, with 2,485,378 units registered in 2024 – a significant 72.8% increase from 1.4 million in 2023. Overall, PHEVs accounted for 58.5% of BYD’s total sales in 2024.
Perhaps this is a sign that PHEVs continue to hold their own in the market, offering a compelling alternative for buyers who aren’t ready to make the full switch to BEVs.
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These sales figures, do however, include both passenger and commercial vehicles. In terms of pure passenger vehicles, BYD managed to sell some 4,250,370 units globally in 2024, coming off the heel of a strong December 2024 performance with 509,440 units sold. This marks the third consecutive month that BYD has surpassed the 500,000-unit milestone.
Commercial vehicle sales in December 2024, meanwhile, reached 5,369 units, a remarkable 520% year-on-year increase from the same period in 2023. Cumulative annual sales for commercial vehicles were 21,775 units.
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BYD’s export performance was also strong in 2024. The company exported 57,154 vehicles in December 2024, up 58% from the previous year. In 2024, BYD sold a total of 417,204 vehicles outside China, representing a 71.9% increase from 2023.
Beyond its automotive success, BYD is also a major player in the battery industry, ranking as the second-largest battery supplier in China. Its customers include automotive brands like Tesla, Nio, and Toyota.
In December 2024, BYD installed some 23.5 GWh in total battery capacity, a 32% increase from the previous year. This brought the cumulative 2024 battery installations to 194.7 GWh, a 29% rise from 2023. These figures include batteries used in both electric vehicles and stationary energy storage systems.
The Chinese carmaker is also making significant progress in the Malaysian market. Following the launch of the BYD M6 in October 2024, the company has already secured over 1,000 bookings for the electric MPV, landing itself the coveted title of the best-selling EV in November 2024. As of 30 November 2024, the BYD Atto 3 leads the pack as the most registered EV in Malaysia, with the BYD Seal and BYD Dolphin securing the third and fifth positions, respectively.
Furthermore, BYD is also set to introduce its Denza luxury sub-brand to Malaysia in Q1 2025. Leading the charge for Denza will be the D9 EV MPV, poised to disrupt the dominance of the Toyota Alphard/Vellfire duo in the luxury MPV segment.
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