CHINESE BYD SURPASSES TESLA IN Q4 BY DELIVERING NEARLY 600,000 EVS

Mon 06 January 2025:

Chinese automaker giant BYD surpassed US rival Tesla by delivering approximately 600,000 battery-powered vehicles between October and December.

According to both companies’ production and sales results for the year 2024, Tesla delivered 495,570 electric vehicles (EVs) during the fourth quarter, while BYD delivered 595,413 units.

However, for the whole year, BYD delivered 1.76 million EVs, slightly behind Tesla, which delivered 1.79 million.

While Tesla increased its EV sales by 5% in the fourth quarter, BYD’s EV sales increased by 13.1%.

Meanwhile, with other types of sales, such as plug-in hybrid cars and buses, BYD delivered 4.27 million units of vehicles in 2024.

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Rise of Chinese automakers

Chinese automakers have rapidly risen to global prominence, transforming from low-cost manufacturers to industry leaders in innovation. Key factors driving this rise include government support, such as subsidies and policies favoring electric vehicles (EVs), which have allowed companies like BYD, NIO, and Geely to thrive in the EV market.

China’s dominance in battery production and raw materials for EVs, such as lithium and cobalt, has given its automakers a competitive edge.

Coupled with massive investment in research and development, Chinese companies are now producing high-quality, technologically advanced vehicles at competitive prices.

The automakers have also capitalized on the world’s largest automotive market—the domestic Chinese market—to refine their products and scale production.

Many brands are now aggressively expanding into Europe, Southeast Asia, and the Middle East, offering affordable EVs and hybrids that appeal to a global audience.

Their focus on sustainability, affordability, and innovation positions Chinese automakers to challenge established brands in the global automotive industry, making them key players in shaping the future of mobility.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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