China’s electric vehicle giant BYD is on track to surpass global automakers Ford and Honda in sales by 2024, fueled by skyrocketing demand for its EVs and hybrids.

With its cutting-edge plug-in hybrid technology and competitive pricing, BYD is expected to exceed its goal of 4 million vehicle sales this year.

Already the leading EV manufacturer in China, BYD delivered 3.76 million units in the first 11 months of 2024, including a record 506,804 units in November alone.

BYD’s success is driven by robust demand in China, where it held a 16.2% market share as of October, up from 12.5% last year. Meanwhile, global competitors like Volkswagen and General Motors are struggling to keep pace in the world’s largest car market.

To sustain its growth, BYD has rapidly expanded production, increasing capacity by 200,000 units and hiring 200,000 workers between August and October. The company’s workforce now approaches one million employees, enabling it to scale efficiently and remain competitive during price wars.

Looking ahead, analysts predict BYD could sell 5-6 million cars by 2025, potentially matching industry giants like General Motors. BYD’s strategy of delivering high-quality, affordable EVs and hybrids is solidifying its position as a global leader in the auto industry.

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