In October 2024, BYD achieved a significant milestone by selling over 500,000 electric vehicles (EVs) in a single month, setting a new company record. This surge in sales positions BYD to potentially become China’s largest automaker, surpassing long-time leader SAIC. A notable factor in this growth is the increasing popularity of plug-in hybrid electric vehicles (PHEVs), which accounted for nearly 60% of BYD’s sales from January to October. This trend reflects a broader consumer preference in China, where PHEV sales grew by 78.5% in the first nine months of the year, compared to a 17.6% increase for fully battery electric vehicles (BEVs). Other Chinese automakers, such as Geely, have also reported record-breaking sales, driven in part by strong demand for their luxury BEV brands.
