BYD Co., China’s leading automaker in the electric and hybrid segment, achieved another record in October 2024 by selling 500,526 vehicles, solidifying its top position in the Chinese market. Hybrid models led the charge with 310,912 units sold, boosted by advanced powertrains that now offer over 2,000 kilometers of range.
BYD’s impressive performance was mirrored by other Chinese automakers, with Geely recording 226,686 units in sales, a 28% increase year-on-year, and EV startup Xpeng Inc. reaching a new high with 23,917 deliveries. Li Auto Inc. also saw a 27% YoY growth with 51,443 units, though it fell short of a monthly record.
In a significant milestone, BYD reported third-quarter revenue of 201.1 billion yuan ($28.2 billion), surpassing Tesla’s $25.2 billion for the same period. BYD’s net income rose 11.5% to a record 11.6 billion yuan. The company is on track to achieve its revised target of 4 million vehicles for the year, with Citibank forecasting monthly sales to reach up to 500,000 units by November.
The final quarter of the year typically sees heightened vehicle sales in China, further supported by national and local subsidies that encourage consumers to replace older vehicles with new EV and hybrid models.
