BYD’s Record-Breaking November Sales Propel Its 2024 Goals
On Monday, 5th December 2024, China’s biggest electronic vehicle manufacturer BYD released its vehicle’s November 2024 sales, showcasing the progress it has made in achieving BYD 2024 sales goal. The data showed BYD is on the way to outsell Ford and Honda’s global sales. According to Reuters, the figures revealed that BYD’s sales in November this year were 16.6% higher than at the same time last year.
Expansion of BYD
The Chinese manufacturer outselling Ford and Honda has come as a surprise to the industry. It happened as BYD entered a $1 billion deal to establish a plant in Turkey while also going on a massive hiring spree. As per data released by the China Passenger Car Association (CPCA), the total sales of BYD last month totaled 2.45 million. It also showed that for the last 11 months, the sales were up by 4.4% from last year.
A BYD employee shared that between August and October, the automaker boosted production capacity by nearly 200,000 units and hired 200,000 workers for automobile and parts manufacturing. Additionally, BYD’s sales performance 2024 showed its total workforce had grown to nearly one million in September, up from approximately 703,500 at the end of 2023.
BYD Sales Performance 2024
With the help of China’s increasing sales, BYD is on the way to beating its annual sales target of 4 million vehicles, higher than the sales of Honda and Ford. Despite a strong setback due to the faulty steering wheels in September 2024, the Chinese car manufacturer was able to sell 506,804 units out of the 3.76 million vehicles throughout the year.
The major chunk of BYD’s sales comes from China, which is a new and evolving market. The company does not sell its vehicles in the U.S. and Canada due to the 100% tariff. However, it is planning to set up a car manufacturing unit in Mexico to avoid the taxes. It is also looking forward to discussions between the EU and China to address competitive pricing.
According to CPCA, in October 2024, BYD’s share in the Chinese market stood at 16.2%, up from 12.5% in 2023. To compare, the market share of Volkswagen in two joint ventures, SAIC and FAW, stood at 12.5%, down from 14.2%.
BYD’s Future
If the sales momentum continues and BYD sells 6 million units in the next 12 months, then it will enter the league of the biggest car manufacturers in the world like General Motors and Stellantis.
In a note after meeting Chinese manufacturers, Citi analysts said that the company aims to deliver 5-6 million cars in 2025.
