Chinese electric vehicle giant BYD has announced a sharp rise in sales in 2024, a new sign of the company's meteoric growth despite numerous challenges in the international market.
(AFP/INA FASSBENDER)
BYD sold more than 4,272,145 vehicles last year, all categories combined, an increase of 41.3% compared to last year (3,024,417 units), according to a press release published Wednesday by the company.
The company – which adopts the slogan “Build Your Dreams” – had already announced in October that it had surpassed its global rival Tesla for the first time in terms of quarterly turnover.
The rapid growth in sales of BYD and other electric vehicle makers in the domestic market has been partly facilitated by generous subsidies from Beijing.
The Chinese flagship achieved 88% of its passenger vehicle sales on the domestic market in December, according to figures communicated by BYD.
But the situation is darker on the international market, where customs duties on Chinese vehicles have tightened last year.
The European Commission adopted a regulation at the end of October imposing additional customs duties on electric cars imported from China, which are accused of creating unfair competition.
For BYD, the surcharge was set at 17%.
The United States and Canada have increased customs duties on Chinese electric vehicles to 100% in 2024.
Despite these obstacles, BYD sold 57,154 vehicles outside China in December, an increase of 58.3% year-on-year, according to the same press release.
The majority of the manufacturer's sales in 2024 concern plug-in hybrid cars (58% of total units sold).
These performances by BYD are part of a context of strong vitality in sales of electric vehicles worldwide.
Electric car sales reached a record 1.8 million units in November, according to research firm Rho Motion.
“However, the regional picture is somewhat uneven with a decrease of 3% in Europe this year” while “China represents more than two thirds of electric vehicles sold in November”, specifies Charles Lester, expert at Rho Motion, in a press release.
