China’s BYD is set to surpass its 2024 sales target of 4 million vehicles, overtaking Honda and Ford globally. Driven by strong domestic demand, BYD’s market share and production capacity continue to soar, solidifying its position as an EV leader.
China’s leading electric vehicle manufacturer, BYD, is poised to demonstrate further market share growth when November sales data is released. The company is on track to exceed its annual target of 4 million vehicles, surpassing Honda and Ford in global sales for 2024. BYD delivered 3.76 million vehicles in the first 11 months of the year, including 506,804 units in November.
Strong domestic sales, supported by its advanced plug-in hybrid models, have driven the firm's expansion, with its share of the Chinese auto market rising to 16.2% as of October, up from 12.5% in 2023. This places BYD ahead of Volkswagen’s joint ventures in China, which combined for a 12.5% share during the same period. Analysts predict BYD could achieve annual sales exceeding 6 million vehicles by 2025, rivaling global leaders such as General Motors and Stellantis.
To meet demand, BYD expanded production capacity by 200,000 units between August and October and hired 200,000 additional workers, bringing its total workforce to nearly one million by September. This scaling effort has enabled BYD to outpace competitors, control costs, and withstand a challenging price war in the Chinese market, which has significantly impacted foreign automakers.
General Motors recently announced over $5 billion in charges tied to its struggling China operations, highlighting the challenges faced by foreign firms in the region. BYD has maintained its competitive edge, leveraging cost efficiencies and supplier negotiations to sustain its growth trajectory.
Electric vehicle manufacturer BYD is under investigation in Brazil after hundreds of Chinese workers were brought into the country on irregular visas to work on a factory construction in Bahia, with many found in "slavery-like conditions," according to labor authorities, Reuters reports.
BYD surpassed Tesla in fourth-quarter EV deliveries, with a 13.1% sales increase, while Tesla saw a 5% rise.
Toyota’s global production declined for the 10th consecutive month in November, down 6.2% year-on-year. However, the automaker saw a 1.7% increase in worldwide sales, marking the second consecutive month of growth.
TikTok CEO Shou Zi Chew thanked President-elect Trump for his efforts to save the app in the U.S., as a January 19 deadline looms for ByteDance to sell or shut it down.
The World Bank confirms Kazakhstan's GDP growth forecast at 4.7% for 2025 and 3.5% for 2026, with oil production driving recovery.
Brazil announces Nigeria's acceptance as a partner country in BRICS, highlighting shared interests and Nigeria's growing role in global governance and the Global South.
Start your day informed with AnewZ Morning Briefing: here are the top news stories for January 18th, covering the latest developments you need to know.
Reports of a two-month halt in Azerbaijani gas supplies to Serbia are false. Despite a technical issue at Shah Deniz Alpha, Shah Deniz Bravo ensures steady exports, with supplies set to resume soon. BP confirms no damage or environmental impact.
Coast Guard divers Chuck Fox and Corey Smith from the US Cutter *Polar Star* successfully repaired a leaking shaft in the freezing waters of McMurdo Sound, Antarctica.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
Over 100 Paris 2024 Olympic medals were returned due to quality issues linked to EU regulations and an untested varnish formula. The IOC has pledged to replace all defective medals.
The Weeknd, one of the biggest music stars of our time, has announced that his upcoming album, Hurry Up Tomorrow, releasing on January 24, 2025, will be his final project under the “The Weeknd” name.
TikTok CEO Shou Zi Chew thanked President-elect Trump for his efforts to save the app in the U.S., as a January 19 deadline looms for ByteDance to sell or shut it down.
Brazil announces Nigeria's acceptance as a partner country in BRICS, highlighting shared interests and Nigeria's growing role in global governance and the Global South.
Start your day informed with AnewZ Morning Briefing: here are the top news stories for January 18th, covering the latest developments you need to know.
Thousands in Belgrade held a silent protest outside RTS, honouring victims of a roof collapse. University students demanded justice for the tragedy, blaming Serbian authorities.
South Korea's impeached president Yoon Suk Yeol appeared in court to contest his detention extension on insurrection charges tied to his martial law declaration.
TikTok CEO Shou Zi Chew thanked President-elect Trump for his efforts to save the app in the U.S., as a January 19 deadline looms for ByteDance to sell or shut it down.
The World Bank confirms Kazakhstan's GDP growth forecast at 4.7% for 2025 and 3.5% for 2026, with oil production driving recovery.
Brazil announces Nigeria's acceptance as a partner country in BRICS, highlighting shared interests and Nigeria's growing role in global governance and the Global South.
Start your day informed with AnewZ Morning Briefing: here are the top news stories for January 18th, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment