BYD, China’s leading electric vehicle (EV) manufacturer, achieved a significant milestone in October 2024, surpassing 500,000 vehicle sales in a single month for the first time. This historic achievement marks BYD’s fifth consecutive record-breaking month, raising questions about whether the company can overtake Tesla as the global leader in EV sales this year.
In October, BYD sold a record 502,657 new energy vehicles (NEVs), a category that includes both plug-in hybrid electric vehicles (PHEVs) and all-electric vehicles (EVs). This represents a 20% increase from September’s sales figures. Out of these, 500,525 were passenger vehicles, with 310,912 being PHEVs—a staggering 129% increase compared to last year. The remaining 189,614 were EVs, reflecting a 15% growth from October 2023.
BYD’s impressive sales figures are bolstered by its diverse vehicle lineup. The company’s Ocean (Dynasty) series alone accounted for 483,437 vehicles sold in October. Additionally, its sub-brands such as Fangcheangbao, Denza, and Yangwang contributed to the total with sales of 6,026, 10,781, and 282 vehicles, respectively.
Not only is BYD making strides in the domestic market, but it is also aggressively expanding internationally. In October, the company sold nearly 32,000 passenger cars overseas. With new manufacturing plants in strategic locations like Thailand, Turkey, Hungary, and Mexico, BYD’s international sales are expected to continue their upward trajectory. The company’s focus on affordable EVs, like the $10,000 Seagull, along with new luxury models and smart electric SUVs, is attracting a broad range of customers worldwide.
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Despite BYD’s rapid growth, Tesla remains a formidable competitor. In the third quarter of 2024, BYD’s revenue surpassed Tesla’s for the first time, yet Tesla maintained its lead in EV sales. BYD delivered 443,426 EVs in Q3, compared to Tesla’s 462,890. Through the first nine months of 2024, Tesla had delivered 1,293,656 vehicles, while BYD’s EV sales stood at 1,169,579.
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With the addition of October’s sales, BYD’s year-to-date EV sales reached 1,359,193 units. Although Tesla does not report monthly sales figures, the competition remains tight, and the final quarter of the year will be crucial in determining the market leader
BYD has ambitious goals for 2024, aiming to reach 3.6 million vehicle sales. Rumors about raising this target to 4 million were recently denied by the company. From January to October 2024, BYD sold 3,236,927 electric vehicles, a 36% increase from the same period last year. October alone saw a 66% year-over-year increase, with 500,526 electric passenger vehicles sold, up from 301,095 in October 2023.
BYD’s contributions to the EV market extend beyond vehicle sales. In October, the company’s battery installations for EVs and energy storage totaled 21.018 GWh, bringing the year-to-date capacity to 148.738 GWh. However, there was a slight shift in the sales mix, with all-electric vehicle sales comprising 37.9% of October’s total, while PHEVs accounted for 62.1%.
