Chinese automaker BYD has made remarkable strides, surpassing two major Japanese brands and setting its sights on American competitors.
A Swift Growth
BYD, now the world’s largest producer of New Energy Vehicles (NEVs), which include electric and plug-in hybrid cars, has risen to become the seventh-largest automaker globally, with ambitions to close the year as the top seller of electric vehicles, potentially overtaking Tesla, according to Motor.
BYD’s growth has been swift. By the end of 2023, it ranked as the tenth-largest automaker worldwide. However, in the first half of 2024, the company climbed to seventh place, selling over 980,000 vehicles, a 40% increase from the same period last year.
This surge in sales has allowed BYD to surpass well-established brands like Honda and Nissan, both of which have a strong presence in markets like Japan and the United States.
Rapidly Expanding Internationally
The only Japanese automaker ahead of BYD this year is Toyota, which leads the global market with 2.63 million units sold.
BYD is now focusing on closing the gap with American companies, with Ford in its immediate sights, having sold 1.08 million vehicles worldwide—just 100,000 more than BYD. General Motors remains further ahead, with 1.29 million vehicles sold.
Although BYD’s success is largely driven by domestic sales, the company is rapidly expanding its international footprint. In 2024, it accounted for 4% of China’s total vehicle exports, nearly tripling its export numbers despite growing international tariffs.
Europe is a key target for BYD’s expansion, with the company planning to introduce new models and hybrid technologies. With its aggressive global strategy, BYD could soon climb even higher among the world’s top automakers.
