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BYD: Sales Leader in Chinese Market, Accelerating Overseas Expansion
2024 sales volume 9 times higher than 2019
2025/02/18
- Summary
- 2024 Sales: Top in China with 4.272 million units, up 41.3% y/y; most are D-segment vehicles
- Product trends: Expansion of models and accelerating overseas expansion of each brand
- Core technologies: Promoting BEVs and PHVs, and deepening development capabilities for electrification and smart vehicles
- Manufacturing sites: Expanded to Southeast Asia, Europe, South America, and other regions
- Overseas trends: Overseas passenger car sales reach 417,000 units in 2024
- Business situation: Sales have increased significantly, and the number of employees globally exceeds 1 million
- BYD’s sales volumes in China (factory shipments)
- GlobalData Sales Forecast: BYD’s light vehicle sales in 2027 will be 5.08 million units
Summary
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BYD Co. Ltd.’s (BYD) production and sales volumes have increased significantly in recent years. In 2024, the company’s sales topped the Chinese market for the first time and BYD became the global NEV market leader. In 2024, production and sales volumes were 4.304 million and 4.272 million units, respectively, both 40% higher than in 2023 and nine times higher than in 2019. BYD has accelerated its overseas expansion, with overseas sales volume increasing 71.9% year-over-year (y/y) in 2024. By powertrain, the proportion of PHV model sales increased significantly.
By brand, the Dynasty series Qin L DM-i equipped with the latest technology and the full-sized smart flagship Xia MPV, a PHV, were released. The Ocean series continued to strengthen its brand image with the launch of the mid-size electric Sealion 07 SUV.
In terms of technology, the company has launched a number of innovations, including the Xuanji architecture, which combines electrification and intelligence, the 3.0 Evo EV platform, and BYD’s 5th generation DM PHV technology. In November 2024, the company announced that it would invest CNY 100 billion and deepen its focus on promoting artificial intelligence (AI) and automobiles, aiming to achieve a comprehensive upgrade and innovation in integrated vehicle intelligence technology.
Regarding overseas trends, the company constructed or expanded plants in Hungary, Brazil, Thailand, Uzbekistan, Indonesia, Turkey, and other countries. Some of these plants have already begun operations.
Sales and net income have also increased steadily, and its number of employees has already exceeded 1 million. It has 11 major research institutes, employs 110,000 engineers, and files an average of 32 patent applications per day.
Related reports:
BYD: Intelligent Control Technology Platform "e3” (Oct. 2024)
Chinese OEM Overseas Expansion Activities: BYD, Geely (Sep. 2024)
BYD 5th Generation PHEV Technology (Oct. 2024)
BYD's e-Platform 3.0 Evo (Jul. 2024)
Auto China 2024: BYD (May 2024)
2024 BYD Dream Day: BYD Unveils Smart Vehicle Strategy (Mar. 2024)
BYD: Launch of “Yangwang” and “Fangchengbao” brands (Dec. 2023)
BYD: Launches Yangwang Premium NEV Brand (Feb. 2023)
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