How BYD Surpassed Ford to Become No.6 Globally
BYD reported sales revenues of 201 billion yuan during the third quarter, which translates to almost $27.6 billion
Between July and September 2024, sales surged for China’s leading automakers, Chery and Geely. BYD, just 10,000 units short of surpassing Ford, is on track to become the world’s fifth-largest carmaker. The Chinese powerhouse has already sold nearly 4 million vehicles this year.
In case you don’t know much about BYD, here’s everything you need to know:
BYD
BYD (Build Your Dreams) is a Chinese multinational company known for its innovation in electric vehicles (EVs) and renewable energy solutions. Founded in 1995, it initially focused on rechargeable batteries but quickly expanded into the automotive sector.
Today, it’s one of the world’s largest EV manufacturers, offering a wide range of electric cars, buses, and trucks. BYD is committed to sustainable mobility, with an emphasis on reducing carbon emissions through clean energy solutions. The company has gained international recognition, outpacing many traditional automakers and establishing a strong presence in global EV markets.
Most Successful Quarter
In the July-September period of 2023, BYD sold 701,600 units. For the same period in 2024, it sold 1.13 million units, witnessing a 38% increase in sales. This milestone made BYD the most successful quarter ever for the brand.
Since Ford sold 40,000 fewer vehicles during the same period, it slipped from the 6th largest car manufacturer to 7th. Ford sold 3.3 million vehicles worldwide. On the other hand, BYD sold 3.6 million cars.
Chinese Automakers Dominance
Chinese automakers are making some waves in the industry. China’s third-most significant automaker, Chery, climbed to #12 on the rankings chart. Geely delivered 820,000 vehicles and saw a 14% increase in sales, placing it ahead of Nissan and behind Honda in 9th place.
Overtaking the Giants
Sales of various automotive brands from Japan, Europe, and the US declined last quarter. Toyota’s sales fell 4% to 2.73 million, while VW Group experienced a 7% drop to 2.17 million vehicles. Hyundai Motor Group’s sales decreased by 3% to 1.77 million units.
Stellantis faced the most significant decline, plunging 20% to 1.14 million. BYD reported sales revenues of 201 billion yuan during the third quarter, which translates to almost $27.6 billion, higher than Tesla’s $25.2 billion sales revenue.