BYD will sell more than 4 million cars this year - more than giants such as Ford and Honda. Thanks to active global expansion and strong demand in its native China, BYD is confidently approaching this goal, writes Reuters.
During the last 11 months of this year, the Chinese auto giant managed to sell 3.76 million vehicles worldwide. Half a million units were sold in October and November. If December is this successful, it will be more than enough to carry out the plan.
So far, 90 percent of BYD's sales are in China, according to the China Passenger Car Association (CPCA). In the largest automotive market, the brand's share is growing rapidly: in 2024 it is 17.1% against 12.5% in 2023.
By comparison: Volkswagen's two Chinese joint ventures - with SAIC and FAW - together account for 11 percent of the market. Last year, their share was 14.2 percent. Volkswagen is reducing its presence in China: to save money, VW will lay off hundreds of workers and get rid of the joint plant with SAIC in Xinjiang.
According to experts' forecasts, in 2025, BYD can increase its sales volume to six million and compete with global giants such as General Motors and Stellantis.
BYD's success is explained by the presence of a wide range of modern new energy vehicles (NEVs) - electric cars and hybrids, which are rapidly growing in popularity in China.
Taking advantage of the moment, the company actively invested in expansion: from August to October alone, the production capacity of BYD factories increased by 200 thousand cars per year. In addition, 200,000 new employees were hired, bringing the company's workforce to nearly one million in September. A year ago, just over 700,000 people worked at BYD.