China's BYD eyes record-breaking 2024 with 4 million sales goal in sight, outshines rivals

Chinese electric vehicle (EV) leader BYD is set to surpass its 2024 sales goal, potentially overtaking global giants Ford and Honda. With aggressive growth strategies and a strong foothold in China, BYD is reshaping the global auto industry.

The company has already sold 3.76 million vehicles between January and November, including an impressive 506,804 units in November alone. Analysts now expect BYD to exceed its target of 4 million annual sales, signaling a new era for the brand.

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China’s booming auto market has been a crucial driver for BYD. November marked the fastest sales growth since January, fueled by government-backed subsidies. Over 4 million subsidized trade-ins boosted demand, countering an industry-wide slowdown. Without these incentives, year-to-date car sales could have shrunk instead of achieving a 4.4% increase.

BYD’s share of the Chinese auto market rose to 17.1% in November, up from 12.5% in 2023, making China the backbone of its global operations. Citi analysts predict the company will target 5 to 6 million sales by 2025, solidifying its status as a global EV powerhouse.

With a massive hiring spree and expanded production capabilities, BYD is not just meeting demand but redefining expectations in the auto industry.