BYD, China’s leading electric vehicle (EV) manufacturer, announced an impressive surge in vehicle sales for 2024, reflecting its growing dominance in both domestic and international markets. The company reported a remarkable 41.3% year-on-year increase, selling 4,272,145 vehicles compared to 3,024,417 units in 2023.
December proved particularly strong for BYD’s overseas sales, with 57,154 vehicles sold outside of China, a 58.3% increase from the same month in 2023. These figures underline BYD’s expanding global footprint despite intensifying trade disputes between China and Western nations.
Global Expansion and Challenges
As the largest EV manufacturer in China—also the world’s biggest automotive market—BYD has made significant strides in penetrating international markets. Its achievements come on the back of robust domestic growth initially supported by generous subsidies from the Chinese government.
However, this state support has attracted scrutiny abroad. The European Union (EU) conducted an investigation in 2024, concluding that Chinese subsidies were creating unfair competition by undercutting local EV manufacturers. In response, the EU imposed tariffs of up to 35.3% on Chinese EVs in October, to which Beijing vowed to take retaliatory measures.
