The Chinese automaker BYD, the world’s largest electric vehicle manufacturer, increased its vehicle sales by 41.26% throughout 2024 until reaching 4.27 million units, thus exceeding the objective that had been set for the year, of around 3.6 million cars. 99.5% of the vehicles sold by BYD are passenger cars, with a predominance of plug-in hybrids over pure electric ones, according to figures that the company itself sent this week to the Hong Kong Stock Exchange.
Looking ahead to 2025, according to the economic news portal Yicai, the firm based in Shenzhen (southeast) seeks to maintain the upward trend in its sales through new rounds of discounts within the framework of the tough price war being waged in this incipient sector in the Asian country, where more than 50% of the new vehicles sold are already electric.
In addition, BYD will continue to focus on additional functions of its vehicles such as assisted driving, something for which it announced a year ago an investment of around 100 billion yuan (13.7 billion dollars, 13.34 billion euros) over a period of time. undisclosed for the development of smart vehicles. The founder and president of the group, Wang Chuanfu, indicated that intelligent vehicles will be the next battle for the sector after electrification.
In 2023, BYD soared its profit by 80% year-on-year to exceed 4.1 billion dollars. In the last quarter of the year, the company dethroned the American Tesla as the world’s largest seller of pure electric vehicles. The Chinese firm had already surpassed Tesla as an electric manufacturer in 2022, although in that case the measurement also included plug-in hybrids, a type of vehicle that the company led by Elon Musk does not manufacture.
Investment in Latin America
Apart from its presence in China, where it is number one in the electric sector, BYD has been investing heavily in Latin America for years and also has a presence in markets in more than 50 countries, including Spain.
Sales of the Chinese vehicle manufacturer BYD in Spain rose by 874% at the end of 2024, up to 5,393 units, of which more than half correspond to the last quarter of the year. In 2024, the Asian group has gone from having three models in its catalog to eight plug-in cars.
Today, BYD has a network of 27 official dealers in Spainwhich plans to expand with two more openings in the coming weeks to reach a hundred points of sale throughout the year.
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