China EV maker BYD closes in on Tesla as sales jump

Published On Jan 1, 2025, 9:13 PM

Chinese electric vehicle maker BYD has seen significant growth in sales, nearly 1.76 million EVs sold in 2024, with December alone accounting for over 207,000 vehicles. This surge in sales is attributed to favorable government subsidies and a growing demand in the domestic market. BYD also reported a 41% increase in total vehicle sales year-on-year, aided primarily by hybrid car sales. Despite BYD's growth, Tesla remains the top seller of electric vehicles but is facing increasing competition from BYD as it prepares to report its own sales figures.