BYD Achieves Record-High EV Production and Sales in 2024, Cementing Market Dominance

BYD

China’s leading new energy vehicle (NEV) manufacturer, BYD, has set a new industry benchmark by exceeding 4 million units in EV production and sales in 2024. With a 41% year-on-year growth, BYD continues to dominate the global NEV market, reinforcing its commitment to battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

BYD’s Historic NEV Production and Sales Growth

BYD’s total NEV production for 2024 reached 4.304 million units, marking a 41% increase from 2023. Notably, the company completely ceased production of gasoline-powered vehicles in March 2022, focusing entirely on electric mobility.

• December 2024 Production: 466,441 units, a 41% increase from the previous year.

• BEVs: 189,759 units (+7.6% YoY)
• PHEVs: 270,960 units (more than double YoY)

• Total 2024 Sales: 4.272 million units, accounting for 100% of BYD’s vehicle sales.

• December Sales: 514,809 units (+41% YoY)
• BEV Sales: 207,734 units (+8.9% YoY)
• PHEV Sales: 301,706 units (more than double YoY)

These figures place BYD at the forefront of China’s rapidly expanding NEV industry, which produced 11.345 million units between January and November 2024—a 35% increase compared to the previous year. Industry experts forecast that China’s total NEV sales will surpass 13 million units in 2024, further solidifying the country’s leadership in EV adoption.

BYD’s Power Battery Expansion and Market Position

In addition to its dominance in the EV sector, BYD is also a major player in power and energy storage batteries. The company installed 23.495GWh of power batteries in December and 194.705GWh throughout 2024—a 29% year-on-year increase.

BYD ranks second among China’s top power battery manufacturers:

1. CATL (Contemporary Amperex Technology): 211.7GWh (45% market share)
2. BYD: 117.5GWh (25% market share)
3. CALB: 32.3GWh (7% market share)

These figures indicate BYD’s growing influence in the global lithium battery market, positioning it as a formidable competitor to CATL in the race for next-generation energy storage solutions.

Conclusion

BYD’s record-breaking EV production and sales in 2024 underscore its dominance in China’s NEV and battery industries. With strong growth in both BEV and PHEV sales, the company is well-positioned to expand its global market share. As China’s NEV production surpasses 13 million units in 2024, BYD’s continued investment in power batteries and energy storage will further reinforce its standing as a global EV leader.