By South China Morning Post | Created at 2024-11-18 11:39:50 | Updated at 2024-11-18 13:31:00
2 hours ago
BYD is set to overtake perennial market leader Volkswagen as China’s biggest carmaker in 2024 after outselling the German company’s joint venture units in the first 10 months, as the growing popularity of battery-powered cars strengthens its market dominance.
The Shenzhen-based company delivered 2.9 million pure electric and hybrid cars to customers worldwide this year through October, a 35 per cent increase from a year earlier. Sales are likely to top 4 million units this year, according to data provider CnEVPost, with year-end promotions likely to fire up sales.
“Its performance this year will largely beat Wang’s annual forecast of 3.6 million units,” said Phate Zhang, founder of the Shanghai-based company. “It now has an overwhelming advantage over all assemblers in China.”
VW’s factories in China have delivered 2.23 million EVs and petrol-powered cars in the first 10 months of this year. The German car maker has been the market leader in China’s car industry since it started local joint ventures with SAIC Motor and FAW from 1984.
BYD also outsold Tesla in the third quarter in terms of volume and revenue. It delivered 1.13 million electric cars in the three months to September 30, a 38 per cent jump from a year earlier. Tesla recorded 462,890 units in the same period. Revenue jumped 24 per cent to 201.1 billion yuan (US$28.2 billion) versus Tesla’s US$25.2 billion.
