China’s leading electric vehicle maker, BYD, is on track to exceed its 2024 global sales target of 4 million vehicles, outpacing both Ford and Honda.
With 3.76 million vehicles sold in the first 11 months, including 506,804 units in November, BYD is gaining momentum in the world’s largest auto market.
BYD’s rapid expansion includes ramped-up production capacity and a hiring spree, adding 200,000 workers and nearly 200,000 production units since August. These efforts have helped it dominate a competitive market while controlling costs and weathering price wars that have hurt foreign automakers.
Driven by strong domestic demand and innovative plug-in hybrid technology, BYD’s market share in China climbed to 17.1% in November. Analysts predict BYD could sell over 6 million vehicles in 2025, rivaling global leaders like GM and Stellantis.
