China’s BYD closes in on Tesla as sales jump

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China’s BYD closes in on Tesla as sales jump

The ******** EV maker saw record sales in December [Getty Images]

******** car maker BYD saw its sales jump at the end of last year, as it competes with Tesla to be the world’s best-selling electric vehicle (EV) maker of 2024.

The company says it sold 207,734 EVs in December, taking its annual total to 1.76 million, as subsidies and discounts helped attract customers.

It comes as Tesla is due to announce its own quarterly sales figures later on Thursday.

The US electric car maker maintained a slim lead in EV sales over BYD in the previous quarter but the Shenzhen-based firm has been narrowing the gap.

BYD’s total vehicle sales jumped more than 41% in 2024, year-on-year. The surge was powered mainly by sales of its hybrid cars.

The company has benefited from a rise in car sales in its home market, as intense competition drove down prices and government subsidies encouraged consumers to replace their old cars with EVs or other more fuel efficient options.

BYD sells 90% of its cars in China, where its been extending its lead over foreign brands like Volkswagen and Toyota.

The rise of BYD and other ******** EV makers contrasts with the challenges faced by some legacy car makers, which have been struggling in major Western markets.

Last month,

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, as the two Japanese firms seek to fight back against competition from the ******** car industry.

Also in December,

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which will avert plant closures in Germany and avoid immediate compulsory redundancies.

The ******* motor industry giant had previously warned it might have to shutter plants in the country for the first time in a bid to cut costs.

Earlier in the month,

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following a boardroom clash.

His abrupt exit from the company – which owns brands including Vauxhall, Jeep, Fiat, Peugeot and Chrysler – came two months after Stellantis issued a profit warning.

In the third quarter of 2024, BYD saw its revenues soar,

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.

It posted more than 200bn yuan ($28.2bn, £21.8bn) in revenues between July and September – a 24% jump from the same ******* last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.

However, Tesla still sold more electric vehicle (EVs) than BYD.

******** car makers have been trying to boost sales of their EVs outside the country but have faced pushback in some major markets.

In October,

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of up to 45.3% on imports of ********-made EVs came into force across the bloc.

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The US has also imposed a 100% duty on EVs from China and President-elect Donald Trump is expected to impose

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on imports.

Meanwhile, BYD has been expanding its foothold in emerging economies.

Last month, it faced a setback in Brazil – its largest overseas market – with

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, saying workers lived in conditions comparable to “slavery”.

BYD said it had cut ties with the construction firm involved and remained committed to a “full compliance with Brazilian legislation”.

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#Chinas #BYD #closes #Tesla #sales #jump

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