Unstoppable! BYD's annual sales are expected to surpass Ford and Honda

As China's largest electric vehicle manufacturer, BYD is gradually expanding its market share and is expected to exceed its global annual sales target in 2024.

In the first 11 months of this year, BYD delivered a total of 3.76 million vehicles, with sales reaching 506,804 units in November. The company is expected to surpass its annual sales target of 4 million vehicles, which will put it ahead of Japan's Honda and America's Ford in 2024.

A former executive at General Motors stated that BYD's sales growth is at an "unprecedented speed"; automotive consultant Michael Dunne remarked:

"BYD will soon see Ford in its rearview mirror."

Analysts believe that this sales achievement is attributed to BYD's application of the latest plug-in hybrid technology and the government's subsidy policy for trade-ins.

"BYD will soon see Ford in its rearview mirror"

In the third quarter of this year, BYD's revenue grew by 24% year-on-year to 201.125 billion yuan, surpassing Tesla for the first time in history, becoming the king of electric vehicles.

In the first 11 months, BYD delivered a total of 3.76 million vehicles, with sales reaching 506,804 units in November. The company is expected to surpass its annual sales target of 4 million vehicles, which will put it ahead of Japan's Honda and America's Ford in 2024.

Analysts estimate that if the current sales momentum continues, BYD's sales could exceed 6 million vehicles in the next 12 months, which would place it on par with world-leading automotive groups like General Motors and Stellantis.

A former executive at General Motors stated that BYD's sales growth is at an "unprecedented speed"; automotive consultant Michael Dunne remarked:

"BYD will soon see Ford in its rearview mirror."

According to data from the China Passenger Car Association, as of last month, BYD's market share in the Chinese automotive market reached 17.1%, far exceeding last year's 12.5%, accounting for over 90% of its total sales.

Analysts believe that the surge in BYD's sales mainly comes from the explosion of hybrid models in the mass market. From the specific sales in October, it can be seen that 62% of BYD's sales that month came from hybrid models. Since the launch of its fifth-generation DM technology at the end of May this year, more than a dozen models equipped with this technology have been newly launched.

In addition, government subsidy policies have played a key role in driving BYD's sales growth. According to official data, as of November 18, the total number of vehicles traded in for subsidies exceeded 4 million. According to an analysis by Reuters based on industry data, without the subsidy policy, vehicle sales from the beginning of the year to now could have declined, while sales grew by 4.4% from January to November.

Citigroup pointed out in a recent research report that BYD's goal is to deliver 5 to 6 million vehicles by 2025.

Capacity "Surge": Increased by 200,000 units in three months, nearly 200,000 new employees

Last month, BYD Executive Vice President He Zhiqi revealed on Weibo that the company successfully increased its capacity by nearly 200,000 units from August to October, while also conducting large-scale recruitment, adding nearly 200,000 new employees to meet the production demands for complete vehicles and components. Currently, all of BYD's production bases are operating at full capacity.

He also disclosed that the company will continue to work hard in November to further tap into its potential, aiming for greater progress. Industry insiders commented that BYD's capacity increase over these three months is equivalent to the total annual production of some second-tier joint venture brands, which is indeed impressive.

As of September, BYD's total number of employees approached 1 million, up from approximately 703,500 at the end of 2023