YD, the Chinese electric vehicle producer is set for further expansion in market share when the data of their November vehicles sales will be released this Monday.
The market share gains are leading the electric vehicle company to surpassing their annual goal and even overtaking companies such as Ford or Honda in their global sales, reported Reuters.
Even more so, BYD has met an impressive expansion over the past year as they had a growing capacity and undertook the electric vehicle market leader, Tesla in their Q3. The sales continued in more recent months, being capable of overtaking their annual sales target that is 4 million vehicles. This means that BYD EV’s now surpassed Ford or Honda with their total sales amount.
Currently, in the first 11 months of 2024, the electric vehicle company sold 3.76 million cars, in November delivering 506,804 vehicles. The high number of sales led to the production of a more competitive plug-in hybrid technology, which is more likely to attract larger market share when the China Passenger Car Association (CPCA).
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Reuters also reported that the sales for China’s market, which makes up for more than 90% of their total sales grew from 16.2% to 12.5% in 2023 according to the CPCA data. More so, compared to Volkswagen's two compared-ventures SAIC and FAW Group made a combined 12.5% market share in the January-October period of time, in comparison with their last year was 14.2%.
In the situation where sales from the electric vehicle could lead BYD to 6 million units in the next year, which would make the electric vehicle manufacturer become one of the largest automaker groups.
In a recent note, Citi analysts said that the Chinese company is looking forward to delivering 5-6 million cars in 2025.
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