3rd January 2025 – (Beijing) BYD Auto has emerged as the world’s largest seller of pure electric vehicles (EVs) in the fourth quarter of 2024, surpassing Tesla by more than 20% in deliveries. The Shenzhen-based manufacturer delivered 595,412 battery electric vehicles (BEVs), marking a 13.1% increase from the previous year. In addition, BYD sold 918,556 plug-in hybrid vehicles (PHEVs), reflecting a remarkable 120.7% rise compared to the same period last year.
Tesla, headquartered in Austin, Texas, delivered 495,570 vehicles globally in the fourth quarter, falling short of analysts’ consensus forecast of 512,277 vehicles, according to a Bloomberg survey. Although Tesla’s deliveries saw a slight increase of 2.3% year on year, they were not enough to maintain its leading position. This marked a notable moment for Tesla, as it reported a decline in annual deliveries for the first time, with a total of 1.79 million units sold in 2024, down 1.1% from the previous year.
“BYD has a strong product line-up whose more affordable BEV models appeal to a wider range of consumers,” stated Phate Zhang, founder of electric-car data provider CnEVPost. “The company is poised to retain its title as the world’s largest BEV maker this year.”
BYD’s success can be attributed to its diverse range of models priced between approximately 80,000 yuan (US$10,960) and 200,000 yuan, making them accessible to middle- and low-income consumers globally. Last year, BYD delivered a total of 4.27 million pure electric and plug-in hybrid vehicles, up 41.3% from the previous year. It is also expected to surpass Volkswagen (VW) to become China’s largest carmaker, encompassing both EVs and traditional petrol-powered vehicles, in 2024.
In December alone, BYD delivered 207,734 all-electric vehicles, a 9% increase year on year. This performance contributed to its overall fourth-quarter tally of approximately 595,000 all-electric cars, securing the title of the largest global seller for the second time in a row. Tesla’s deliveries for the same period, while a record, fell short of expectations, leading to a 6% decline in its shares to US$379.28.
Other Chinese EV manufacturers also reported strong growth. NIO delivered 31,138 vehicles in December, a 73% increase from the previous year, while XPeng achieved a year-on-year delivery rise of 82% with 36,695 vehicles delivered in the same month. Despite the positive delivery figures, the overall performance of Chinese EV stocks was mixed, with some experiencing declines amid growing competition and price adjustments in the market.
