BYD’s record-breaking yr is paying dividends. Regardless of its automobiles promoting for lower than $17,000 on common, BYD topped Mercedes-Benz and Volkswagen, rating first in automotive gross sales income in China final yr. After taking the market by storm in 2024, the world’s largest EV maker goals for much more development this yr.
BYD ranked first in automotive gross sales income in China in 2024
BYD capped off a formidable run in 2024, promoting over 500,000 automobiles for its third straight month in December. The year-end gross sales push bumped BYD’s whole passenger automotive gross sales to over 4.25 million passenger automobiles final yr, up 41% from about 3 million in 2023.
After topping Volkswagen to change into China’s largest automotive maker in 2023, BYD grew to become the nation’s largest auto group in October 2024, surpassing SAIC. SAIC has joint ventures with Volkswagen and GM.
Not solely is BYD promoting extra automobiles than its abroad rivals, it’s additionally making extra on automobile gross sales. In accordance with China’s Sina Finance (through CarNewsChina), BYD ranked first amongst automakers in China in automotive gross sales income final yr.
BYD bought 3.49 million automobiles in China, producing 420.7 billion yuan, or round $58 billion. Mercedes-Benz was second, with 710,000 automobiles bought for 307.9 billion ($42.5 billion) in income.
Volkswagen positioned third with 2.1 million automobiles bought in 2024 and 303.2 billion yuan ($41.9 billion) in gross sales income.
Probably the most attention-grabbing half is that BYD’s common promoting worth (ASP) per automobile was simply $16,700 (121,000 yuan), in comparison with Mercedes-Benz’s $59,500 (430,000 yuan) and Volkswagen’s $19,700 (143,000 yuan).
| Rating | Automaker | Common Automobile Promoting Worth (*USD) |
Automobile Gross sales Income (*USD) |
| 1 | BYD | $16,700 | $58.1 billion |
| 2 | Mercedes-Benz | $59,500 | $42.5 billion |
| 3 | Volkswagen | $19,700 | $41.9 billion |
| 4 | Toyota | $23,300 | $36.7 billion |
| 5 | BMW | $46,900 | $32.7 billion |
| 6 | Tesla | $33,800 | $22.3 billion |
| 7 | Aito | $55,500 | $21.4 billion |
| 8 | Li Auto | $42,000 | $21.1 billion |
| 9 | Honda | $20,800 | $17.8 billion |
| 10 | Geely | $12,700 | $13.2 billion |
BYD beat out Mercedes-Benz, Volkswagen, Toyota, BMW, and Tesla even with a considerably decrease common promoting worth.
Electrek’s Take
After BYD stopped making absolutely gas-powered automobiles in 2022, the corporate has change into a drive within the auto market. With over 1.76 million EVs bought in 2024, BYD ranked second, barely behind Tesla, which delivered over 1.78 million automobiles.
Regardless of this, BYD was the “world’s prime EV maker,” beating out Tesla with about 4,500 electrical automobiles produced in 2024.
With China turning into saturated with home rivals, BYD is aggressively increasing abroad to drive development in 2025. Final yr, it bought extra EVs in Japan than Toyota, and it was BYD’s first full gross sales yr within the nation.
BYD was Singapore’s best-selling automotive model final yr, the primary Chinese language automaker to attain this feat. With plans to quickly develop in Europe, Central and South America, and different key areas, BYD is poised to see much more development in 2025.
Though it’s finest recognized for low-cost electrical automobiles, just like the Seagull, which begins at below $10,000 in China, BYD is shortly increasing its lineup with new pickup vans, sensible SUVs, off-road fashions, and electrical supercars rolling out.
Earlier this month, it launched the world’s largest automotive service, which can ship as much as 9,200 automobiles abroad as BYD prepares for an additional massive yr in 2025.
Supply: CarNewsChina, Sina Finance
FTC: We use earnings incomes auto affiliate hyperlinks. Extra.
