BYD, the Chinese electric vehicle (EV) and plug-in hybrid (PHEV) giant, has closed out 2024 with a remarkable achievement: selling 4,272,145 vehicles worldwide. This represents a significant 41.3% increase from the 3,024,417 units sold in 2023, setting a new annual sales record and marking the first time the company has surpassed the four-million milestone, according to Car News China.

In 2024, BYD’s passenger vehicle sales were dominated by PHEVs, which accounted for 2,485,378 units, while its battery-electric vehicles (BEVs) contributed 1,764,992 units. Additionally, 21,775 commercial vehicles were sold. The breakdown reveals a shift in consumer preferences, with 58.5% of passenger vehicle sales being PHEVs compared to 41.5% BEVs. This contrasts sharply with 2023, when BEVs accounted for 52.1% of sales versus 47.9% for PHEVs.

The surge in PHEV sales, which increased by an astounding 72.8% from 1.4 million in 2023, significantly outpaced the 12% growth in BEV sales, which rose from 1.6 million units. Analysts attribute this trend to factors such as changing consumer preferences in China and the impact of Western tariffs on Chinese EV exports.

BYD’s influence extended far beyond its home market in 2024. The company exported 417,204 vehicles, nearly 72% more than the 242,766 units it exported in 2023. December alone saw 57,154 vehicles delivered to international customers. This sustained growth in exports highlights BYD’s expanding footprint in global markets.

As China’s second-largest battery supplier, BYD continues to make strides in energy innovation. In December, the company installed 23.5 GWh of battery capacity, a 32% year-on-year increase. For 2024, cumulative battery installations, including those in EVs and stationary energy storage systems, reached 194.7 GWh, representing a 29% year-over-year growth.

BYD’s Blade Battery technology has been a game-changer, offering enhanced safety, longevity, and performance. This innovation has attracted high-profile customers, including Tesla, Nio, and Toyota, further cementing BYD’s position as a leader in the battery industry.

Looking ahead, BYD is setting its sights on Southeast Asia. The company is establishing a manufacturing plant in Indonesia, scheduled to begin operations in the fourth quarter of 2025. The facility is expected to create approximately 8,700 jobs, strengthening BYD’s presence in the region and supporting its long-term growth strategy.