Chinese automaker BYD is targeting over 4 million vehicle sales in 2024, with ambitions to outpace Ford and Honda. The company plans to sell 3.6 million units globally, with a stretch goal surpassing 4 million, driven by strong demand for its electric and plug-in hybrid models.
In November 2024, BYD sold over 300,000 vehicles, which is its all time highest year-on-year growth. The company has also seen success abroad, particularly in Europe and South America, where its affordable EV offerings have gained traction in 2024.
Just this year, BYD decided to introduce their operations in Pakistan, and it’s surely giving a brutal competition to Germans and American EVs in terms of value for money category and according to many ex
The reason is BYD’s strategy. Worldwide, EV cars tend to be more expensive than a normal car. BYD, due to its large scale business model, e.g., this company owns 35% share of worldwide EV batteries. It’s easy for BYD to produce batteries for their EVs at a much lower cost than other brands. As a result, BYD EVs or PHEVs are generally low-cost VFM deal sides than their rivals. Following this strategy, the company has even surpassed Tesla in market share in China.
Increase of Workforce and Overtake in Competition
The company is also increasing their workforce. During August to October, the automaker added nearly 200,000 units in production capacity and hired 200,000 workers for auto and parts manufacturing, as per the Reuters. Today, The total number of BYD employees was close to one million as of September, up from around 703,500 at the end of 2023.
So far, BYD has sold over 3.64 million units worldwide and it’s expected to cross the 4+ million figure by the end of 2024, and if that happens, BYD will outperform Honda and Ford in worldwide sales competition.
