BYD to Sell More Cars Than Honda and Ford in 2024

Chinese electric vehicle giant BYD is poised to surpass Honda and Ford in global sales for 2024, driven by robust performance in its domestic market and growing international presence. As of November, BYD had sold approximately 3.7 million vehicles, a 40% increase compared to the same period in 2023. 

With a November sales figure of 506,804 units, its fastest-growing month this year, BYD is on track to exceed its ambitious target of four million vehicles by year-end. By comparison, Ford reported sales of 3.3 million units for the first nine months of 2024, while Honda recorded 3.11 million units through October.  

The surge in BYD’s sales is largely due to its plug-in hybrids, which have seen a remarkable 70% growth year-over-year. The Chinese government’s subsidies for auto trade-ins have further boosted sales, as authorities aim to stimulate consumer spending and support the broader economy. This growth has come at the expense of competitors like Tesla, which reported declining market share in China, and Volkswagen, which recently scaled back its operations in the region.  

What Does This Mean for Me?

BYD is also making waves beyond China, gaining ground in markets like Europe, Japan, Thailand, and Mexico. Its vehicles appeal to cost-conscious buyers with their competitive pricing, modern design, and improved safety features. However, there are still challenges to deal with. 

The EU recently imposed an additional 17% tariff on Chinese EV imports, saying Chinese firms received unfair subsidies, which could dampen BYD’s European ambitions. Meanwhile, quality concerns, software glitches, and lower brand recognition in Western markets remain hurdles for the company.