By BYD, China’s leading electric vehicle (EV) manufacturer, achieved a major milestone in October 2024 by selling over 500,000 vehicles in a single month for the first time, cementing its position as a key player in the EV industry. With a record-breaking 502,657 new energy vehicles (NEVs) sold, this marks a 66% year-over-year growth, up from 301,095 units in October 2023. Notably, 500,526 of these vehicles were electric passenger models, signaling BYD’s continued push to dominate the EV landscape.
Record Sales Highlight Strong Market Performance
BYD’s October achievement of 502,657 NEV sales represents a 20% increase from September’s figures, showcasing steady growth in both plug-in hybrid electric vehicles (PHEVs) and all-electric vehicles (EVs). Of the total, 310,912 were PHEVs, a sharp 129% rise compared to last year, while the remaining 189,614 units were fully electric—a 15% increase from October 2023. The impressive sales were bolstered by BYD’s diverse vehicle lineup, particularly the Ocean (Dynasty) series, which alone accounted for 483,437 sales in October. The company’s sub-brands, including Fangcheangbao, Denza, and Yangwang, also contributed significantly with 6,026, 10,781, and 282 units, respectively.
BYD’s International Expansion Fuels Growth
Alongside robust domestic sales, BYD is aggressively expanding its global footprint. In October, BYD sold nearly 32,000 passenger vehicles in international markets. Strategic investments in new manufacturing plants in Thailand, Turkey, Hungary, and Mexico are expected to sustain this momentum, enabling BYD to better serve demand in these regions. The brand’s diverse lineup—from the affordable $10,000 Seagull EV to luxury models and smart electric SUVs—is drawing a broad customer base worldwide, making BYD an increasingly accessible choice in both emerging and mature markets.
Competition with Tesla Intensifies
Despite BYD’s rapid growth, Tesla remains a formidable competitor in the global EV market. In the third quarter of 2024, BYD’s revenue surpassed Tesla’s for the first time, reflecting the Chinese automaker’s progress. However, Tesla retained a slight lead in EV sales for the quarter, delivering 462,890 units compared to BYD’s 443,426. As of October, Tesla’s year-to-date EV sales stood at 1,293,656, while BYD followed closely with 1,169,579 units. BYD’s strong October results have intensified speculation about whether it could surpass Tesla in total EV sales by year’s end.
BYD’s Ambitious Sales Goals for 2024
BYD has set a target of 3.6 million vehicle sales for 2024, with year-to-date sales reaching 3,236,927 units by the end of October—a 36% increase from the same period last year. Although rumors circulated about raising this target to 4 million, the company has officially denied these reports. October’s record of 500,526 electric passenger vehicles, marking a 66% year-over-year increase, further solidifies BYD’s momentum as it approaches its goal.
Contributions Beyond Vehicle Sales: Battery and Energy Storage
BYD’s contributions to the EV market extend beyond vehicle sales. In October, the company reported 21.018 GWh in battery installations for EVs and energy storage, bringing the year-to-date total to 148.738 GWh. This impressive figure underscores BYD’s role as a leader in sustainable energy solutions.
While the composition of BYD’s sales is shifting, with 37.9% of October’s vehicles being all-electric and 62.1% being PHEVs, the company’s adaptable lineup and battery capacity expansion highlight its commitment to meet diverse customer preferences. As BYD continues its global expansion and strives toward ambitious sales goals, its performance in the coming months will be closely watched by both the automotive industry and investors.
