Business Desk 
Dec 09, 2024
An undated image showing BYD Atto 3 (left), Sealion 6 (centred) and Seal (right). — BYD/Canva
China's electric vehicle (EV) giant BYD is gearing up to surpass global auto leaders Ford and Honda in 2024 sales thanks to booming demand for its EVs and hybrids.
With its latest plug-in hybrid technology and competitive pricing, BYD is expected to sell over 4 million vehicles this year, breaking its sales goal.
BYD, already the top EV maker in China, delivered 3.76m units in the first 11 months of 2024, including 506,804 units in November alone.
BYD's expansion strategy
This sales surge is backed by strong demand in China, where BYD captured a 16.2% market share as of October, up from 12.5% last year. In comparison, global players like Volkswagen and General Motors are losing ground in the world’s largest car market.
To maintain its momentum, BYD has aggressively expanded. The automaker boosted production capacity by 200,000 units and hired 200,000 new workers between August and October.
The company’s total workforce now stands at nearly one million employees. This rapid scaling has helped BYD control costs and outpace competitors in a highly competitive price war.
Looking ahead, BYD is setting its sights even higher. Analysts predict the company could sell 5-6 million cars in 2025, putting it on par with global leaders like General Motors and Stellantis.
The automaker’s strategy for offering high-quality, affordable electric and hybrid vehicles is paying off.
