China’s BYD Poised to Surpass Ford and Honda in Global Sales for 2024

The electric vehicle giant is set to exceed its 4 million sales target, driven by hybrid technology and strong domestic demand.

BYD has sold 3.76 million vehicles in the first 11 months of 2024, with over 506,000 sold in November alone, putting it on track to surpass its 4 million annual sales target.
The Chinese automaker's success is fueled by its competitive plug-in hybrid models, which accounted for nearly 2.2 million of its sales this year, a 70% increase from 2023.
BYD has overtaken Tesla as the top global EV seller and is projected to outsell traditional automakers Honda and Ford in 2024.
The company has expanded production capacity and workforce significantly, adding 200,000 employees this year to meet growing demand and maintain cost advantages during a price war in China.
BYD's dominance highlights challenges for U.S. and foreign automakers, as Chinese EV manufacturers leverage domestic market strength and explore expansion into regions like Mexico to access the U.S. market.