In 2024, China's leading electric vehicle (EV) manufacturer, BYD, achieved record-breaking sales, significantly closing the gap with industry leader Tesla. BYD's total sales of new energy vehicles (NEVs), which include both battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), reached approximately 4.27 million units, marking a 41.26% increase compared to 2023.
Breaking down these figures, BYD sold about 1.76 million BEVs, representing a 12.08% year-on-year growth, and approximately 2.49 million PHEVs, a substantial 72.83% increase from the previous year.
In December alone, BYD set a new monthly sales record by delivering 514,809 NEVs, reflecting a 50.95% increase from the same period in 2023.
To boost sales and remain competitive, BYD implemented aggressive pricing strategies. For instance, the Qin Plus EV was priced starting at approximately $15,200 (109,800 yuan), positioning it as a cost-effective alternative to traditional gasoline vehicles.
Additionally, BYD offered year-end discounts of up to 11.5% on select models, reducing the starting price of certain vehicles to around 99,800 yuan (approximately $13,673).
These strategic moves have enabled BYD to capture a significant share of the global EV market, challenging Tesla's dominance. While Tesla's global sales figures for 2024 are yet to be fully disclosed, BYD's impressive growth trajectory indicates a shifting landscape in the EV industry.
Analysts anticipate that BYD's continued expansion and competitive pricing will further intensify the rivalry between these two automotive giants, potentially reshaping market dynamics in the coming years.
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