As competition intensifies in China’s automotive sector, BYD continues to stand out with its rapidly climbing sales figures. From August to October, BYD expanded its production capacity by nearly 200,000 vehicles, hiring around 200,000 new employees across its vehicle and parts divisions, according to Executive Vice President He Zhiqi.
In October, BYD reached a milestone by selling 502,657 NEVs, breaking the 500,000-mark for the first time and marking its fifth consecutive month of record sales. From January to October, BYD sold a total of 3,250,532 NEVs, achieving a 36.49% year-on-year growth. If this momentum continues, the company aims to reach 4.3 million sales by year-end, surpassing 2023’s figures by over 42%.
This growth is even more remarkable given BYD’s recent shift to focus solely on electric vehicles. Since halting internal combustion engine production in March 2022, BYD has dedicated its efforts to plug-in hybrid (PHEV) and battery electric (BEV) models. By the end of 2023, PHEVs outpaced BEVs in sales, a trend that has strengthened in 2024.
In the first ten months of 2024, BYD sold 1,877,734 PHEVs, showing a significant 62.23% increase from the previous year, while BEV sales reached 1,359,193 units, with a more modest 11.97% rise. Data from the China Passenger Car Association (CPCA) indicates PHEV sales in China grew by 78.11% in the first nine months of 2024, compared to a 17.79% increase in BEV sales.