BYD’s year-end sales surge fuels a record 2024, but was it enough for the global EV lead?

BYD’s aggressive year-end sales push worked. China’s leading EV maker sold a record number of vehicles in 2024, but was it enough to take the global EV sales crown from Tesla? It was a close one. Here’s the breakdown.

Did BYD’s EV sales surge take the EV crown in 2024?

Since it stopped making vehicles fully gas-powered vehicles in 2022, BYD has taken the global auto market by storm.

With another 509,440 passenger vehicles sold last month, BYD set a new sales record with over 4.27 million NEVs sold in 2024. BYD’s sales crossed the 500,000 mark for the third straight month after launching an aggressive year-end sales campaign, including free insurance on select models.

Like many Chinese automakers, BYD reports new energy vehicle (NEV) sales, including plug-in hybrids (PHEVs) and fully electric vehicles (EVs). BYD sold over 4.27 million passenger NEVs in total in 2024, an increase of 41% YOY.

With 207,734 fully electric vehicles sold in December, BYD’s EV sales reached 1,764,992 in 2024, up 41% from the previous year.

Earlier today, Electrek reported that Tesla missed Q4 2024 expectations, delivering 495,570 vehicles in the fourth quarter. In comparison, BYD sold 595,413 EVs in the fourth quarter, up 13% from Q4 2023.

Despite this, with 1,789,226 vehicles delivered in total last year, Tesla still topped BYD’s 1.76 million to maintain the global EV sales crown in 2024.

When it comes to EV production, on the other hand, BYD edged out Tesla by about 4,500 units. BYD produced 1,777,965 EVs last year compared to Tesla’s 1,773,443.

Although the race with Tesla is catching the headlines, BYD’s global sales growth is causing legacy automakers to make drastic moves. After selling more vehicles than Nissan and Honda for the first time in Q3, the Japanese automakers are now teaming up to survive the every “100 years” industry shakeup.

With its sights set on even more growth in 2025 as it starts local production in overseas markets, BYD is quickly closing in on Ford and others.

The company expects sales to rapidly pick up in regions like Europe, Southeast Asia, and Latin America, with local production starting soon.

BYD’s overseas NEV sales surged 72% in 2024 to 417,204 as it launched custom-tailored EVs in key global markets.

BYD said in 2025, “The Chinese dragon will move forward all the way.” Although it is best known for its low-cost EVs, like its best-selling Seagull (which starts at under $10,000 in China), BYD is expanding with new pickup trucks, smart SUVs, and luxury electric vehicles. One thing is for sure: BYD will be a name to continue watching this year.

Source: BYD, Tesla