“BYD Shifts into High Gear: Electrifying the Roads with Record-Breaking Sales”

**BYD’s Record Sales of Electric and Hybrid Vehicles: A New Era for the Automotive Industry**

In a significant milestone, BYD, China’s best-selling automaker, has posted record global sales of electric and hybrid vehicles in 2024, despite intense competition in the domestic market. The company sold 4.3 million electric and hybrid vehicles, far exceeding its previous target of 3.6 million, according to a company statement.

BYD’s success is not limited to its electric vehicle sales. The company also sold over 1.76 million pure electric vehicles last year, narrowing the gap with Tesla in the race to become the world’s largest electric vehicle company. Reaching 515,000 units, BYD has achieved its goal of selling 1.81 million electric vehicles in 2024.

Other Chinese companies, such as Li Auto, Stellantis-backed zero sports car, and smartphone maker Xiaomi, have also exceeded their respective targets. Li Auto sold 500,000 electric vehicles, while Stellantis-backed zero sports car sold 290,000 vehicles. Xiaomi, which entered the electric vehicle market in 2024, sold 135,000 vehicles.

The Chinese government’s efforts to promote the adoption of electric vehicles have been instrumental in the industry’s growth. Hundreds of billions of dollars in government subsidies over the past decade have helped to drive sales. Additionally, a trade-in program launched last April allows consumers to trade in old gasoline-powered cars for electric ones for 20,000 yuan ($2,740).

However, while some larger brands are performing well, fierce competition and prolonged price wars have left many players under pressure. Dozens of companies, including Xpeng Motors and NIO, have fallen short of sales targets despite growing demand.

**FAQs**

Q: What is BYD’s record sales of electric and hybrid vehicles?
A: BYD sold 4.3 million electric and hybrid vehicles in 2024, exceeding its previous target of 3.6 million.

Q: What is BYD’s sales of pure electric vehicles?
A: BYD sold over 1.76 million pure electric vehicles last year, narrowing the gap with Tesla in the race to become the world’s largest electric vehicle company.

Q: Which Chinese companies have exceeded their targets?
A: Li Auto, Stellantis-backed zero sports car, and smartphone maker Xiaomi have all exceeded their respective targets.

Q: What is the Chinese government’s role in promoting the adoption of electric vehicles?
A: The Chinese government has provided hundreds of billions of dollars in subsidies over the past decade to drive sales. Additionally, a trade-in program allows consumers to trade in old gasoline-powered cars for electric ones for 20,000 yuan ($2,740).

**Conclusion**

The success of BYD and other Chinese companies in the electric vehicle market is a testament to the country’s commitment to becoming a leader in the industry. The government’s efforts to promote the adoption of electric vehicles have been instrumental in driving sales. However, the intense competition and prolonged price wars have left many players under pressure. As the auto industry transitions to electric vehicles, economies of scale are more important than ever for automakers. The entry of technology groups such as Xiaomi and Huawei has intensified competition, and it remains to be seen how the industry will evolve in the coming years.