DMR News

Advancing Digital Conversations

China’s BYD Surges Ahead of Ford and Honda in Global Vehicle Sales

ByYasmeeta Oon

Dec 9, 2024

China’s BYD Surges Ahead of Ford and Honda in Global Vehicle Sales

BYD, China’s leading electric vehicle (EV) manufacturer, is poised to exceed its 2024 sales goal, signaling another year of significant growth. The company is set to release November sales figures on Monday, which analysts expect will reflect continued market share gains and position BYD ahead of Ford and Honda in global vehicle sales.

The automaker has already delivered 3.76 million vehicles in the first 11 months of 2024, including 506,804 units in November alone. With a robust domestic market driving its success, BYD is on track to surpass its annual target of 4 million vehicles, leveraging a competitive lineup that blends advanced plug-in hybrid technology with affordability.

Expanding Market Share

BYD’s dominance in China, which accounts for over 90% of its sales, has grown substantially. As of October, its market share rose to 16.2%, compared to 12.5% in 2023, according to data from the China Passenger Car Association (CPCA). This increase outpaced rivals like Volkswagen, whose combined market share from two joint ventures fell to 12.5% during the same period, down from 14.2% the previous year.

Scaling for Global Ambitions

To sustain its rapid growth, BYD expanded its production capacity significantly, adding nearly 200,000 units between August and October and hiring 200,000 new workers. The company’s workforce grew to nearly one million employees by September, up from around 703,500 at the end of 2023. These efforts have allowed BYD to better manage costs and navigate a challenging price war in China’s auto market, which has strained foreign competitors.

Aiming for Industry Leadership

Analysts predict BYD could sell over 6 million vehicles in the next 12 months, potentially rivaling global leaders like General Motors and Stellantis. The automaker’s management aims to deliver 5-6 million vehicles in 2025, according to a Citi research note. BYD’s ability to control costs and increase scale has positioned it well to compete globally, even amid a pricing battle that has pressured traditional automakers.

Challenges for Competitors

The rise of BYD has highlighted struggles for international automakers in China. General Motors recently announced $5 billion in charges tied to restructuring and declining joint venture value, reflecting deepening challenges in the world’s largest auto market.

With strong sales momentum, BYD continues to redefine the global automotive landscape, signaling its intent to cement its place among the industry’s top players.


Featured image courtesy of EV Shop

Follow us for more updates on BYD’s sales growth.

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.

Leave a Reply

Your email address will not be published. Required fields are marked *