Chinese electric vehicle (EV) giant BYD is on track to surpass its 4 million sales target for 2024, with over half a million cars sold in November alone. The company’s year-to-date sales have risen by 40% compared to the same period last year, driven largely by plug-in hybrid vehicles. If BYD maintains its momentum, it could challenge traditional automakers like Honda and Ford.
BYD sold 506,804 vehicles in November, bringing its total sales for the year to 3,757,336 units. This puts the company on pace with global rivals Honda, which has sold around 3.11 million cars between January and October, and Ford, which is expected to sell 4.3 million vehicles this year.
Tesla, another US EV maker, delivered 1.3 million vehicles in the first nine months of the year, slightly higher than BYD’s battery-electric sales over the same period. However, BYD still lags behind global market leaders Toyota and Volkswagen. The Chinese auto market is experiencing a significant shift towards new energy vehicles, with consumers increasingly opting for EVs instead of traditional ICE cars.
Foreign automakers, including General Motors, are struggling to compete in China’s EV market. GM has admitted that its poor performance could cost the company over $5 billion in restructuring costs and factory closures. Volkswagen, which sold its operations in Xinjiang at the end of last month, cited “economic reasons” for the move, but Western governments have accused Beijing of human rights violations in the province.
As the EV market continues to grow in China, BYD is well-positioned to capitalize on this trend and challenge traditional automakers. With its strong sales momentum, BYD could near Honda and Ford in electric vehicle sales by the end of 2024.
Source: https://finance.yahoo.com/news/byd-could-near-honda-ford-095154731.html