Chinese automaker BYD reported 1.76 million EV sales in 2024, driven by discounts and government subsidies. December alone saw 207,734 units sold, bolstering BYD’s position against Tesla in the global EV race.
BYD’s revenues surpassed Tesla’s in Q3, hitting $28.2 billion compared to Tesla’s $25.2 billion. However, Tesla retained its lead in total EV sales.
While BYD thrives in China, it faces challenges abroad. In Brazil, construction on a BYD factory was halted over labor violations. Additionally, tariffs in the EU and U.S. have stymied growth in key markets.
BYD’s success highlights the competitive rise of Chinese automakers, even as Western rivals grapple with production setbacks and cost-cutting measures.
