Transportation
BYD Chalks Up New Record as It Narrows EV Sales Gap With Tesla
- Firm’s battery-powered car sales hit 1.76 million in 2024
- BYD’s rise contrasts with woes of Western car brands in China
The rise of BYD as a best-selling car brand stands in contrast to the turmoil facing a growing number of legacy auto giants.
Photographer: Na Bian/BloombergThis article is for subscribers only.
China’s BYD Co. enjoyed a year-end surge to push total sales to 4.25 million passenger cars last year, narrowing its gap with Tesla Inc. as the two vie for the crown of top-selling electric-vehicle maker of 2024.
The Shenzhen-based carmaker, which stopped making vehicles entirely powered by fossil fuels in 2022, hit a new monthly sales record in December, spurred on by subsidies and offering extra incentives to buyers.