China's BYD Co. reported on Wednesday record-breaking sales of 4.25 million passenger vehicles in 2024, driven by a December surge of 509,440 units, including 207,734 electric vehicles (EVs). The company's annual EV sales reached 1.76 million, marking a 41 per cent year-on-year increase and narrowing its gap with Tesla Inc. as the two compete for the title of top-selling electric vehicle maker. BYD's rise contrasts with the struggles of legacy automakers like Volkswagen and Nissan, which face declining sales in China and lag in the EV transition. Despite BYD's strong domestic performance, its goal of selling 500,000 vehicles abroad fell short due to European Union tariffs on Chinese EVs. Meanwhile, Tesla needs to deliver at least 515,000 vehicles in the fourth quarter to meet its annual target of 1.81 million EVs. Analysts estimate slightly lower deliveries, keeping Tesla narrowly ahead of BYD in global EV sales for the year. BYD's annual revenue is projected to surpass $100 billion for the first time, cementing its place among the world's leading automakers. However, the company faces challenges abroad, including allegations of labour violations at a factory construction site in Brazil, one of its key international markets. Attribution: Bloomberg Subediting: Y.Yasser
