This impressive performance brought BYD's total annual BEV sales to 1.76 million, reflecting a 41% increase year-on-year.

Founded in 1995 by Wang Chuanfu, BYD began as a battery manufacturer and has rapidly evolved into a significant player in the EV market.

In China, BYD's domestic sales were bolstered by increased subsidies in the latter half of 2024, encouraging consumers to shift from gasoline vehicles.

The Shenzhen-based automaker, which has not produced fossil fuel-powered vehicles since 2022, set a monthly sales record in December 2024, driven by these subsidies and buyer incentives.

BYD's total sales growth positions it to rival traditional automotive giants like Ford and Honda, with projections indicating its annual revenue will exceed $100 billion for the first time.

In a fiercely competitive electric vehicle market, Tesla sold approximately 1.29 million EVs in the first three quarters of 2024 and must sell at least 467,000 units in the fourth quarter to surpass BYD's total.

BYD Co. achieved record total sales of 4.25 million passenger cars in 2024, with December alone seeing sales of 509,440 plug-in hybrid and pure-electric vehicles, including 207,734 battery electric vehicles (BEVs).

This growth stands in stark contrast to declining sales experienced by established automotive brands such as Nissan, Volkswagen, and Stellantis in China.

Despite challenges entering the U.S. market due to tariffs, BYD is establishing factories in Brazil and Southeast Asia while expanding its presence in Europe.

The company's goal to sell around 500,000 vehicles outside of China in 2024 faced hurdles, including tariffs imposed by the European Union on Chinese electric vehicles.

Both BYD and Tesla implemented discounts and promotions in late 2024 to boost sales and meet their targets, highlighting the competitive nature of the market.

Analysts estimate that Tesla's fourth-quarter deliveries will be around 510,400, which may fall short of the company's ambitious goals.