Chinese car maker BYD has seen its sales jump at the end of last year, narrowing the gap with rival Tesla. The company reported 207,734 electric vehicles sold in December, taking its annual total to 1.76 million. Subsidies and discounts have attracted customers.
Tesla’s lead in EV sales is expected to be announced on Thursday. BYD has been closing the gap since the previous quarter and saw its total vehicle sales jump over 41% in 2024, mainly driven by hybrid car sales.
BYD benefits from increased car sales in China, where it sells most of its vehicles. The company’s lead over foreign brands like Volkswagen and Toyota continues to grow. Chinese EV makers are rising against legacy car makers struggling in Western markets.
Honda and Nissan have confirmed merger talks, while Volkswagen has reached a deal with the IG Metall trade union to avoid plant closures in Germany. Stellantis’ boss quit following a boardroom clash, two months after issuing a profit warning.
BYD’s revenues surged in the third quarter, beating Tesla for the first time. The company posted over 200 billion yuan ($28.2 billion) in revenues between July and September, more than Elon Musk’s quarterly revenue. However, Tesla still outsold BYD on electric vehicles.
Chinese car makers face challenges exporting their EVs outside the country due to tariffs. The US has imposed a 100% duty on Chinese-made EVs, while European Union tariffs range from 0-45.3%. BYD is expanding its presence in emerging economies, including Brazil, but faced a setback with authorities halting factory construction over worker conditions.
Source: https://www.bbc.com/news/articles/c36edjp1l9ko