China's BYD Forecasts 4 Million Vehicle Sales This Year... "Ahead of Honda and Ford"

China's largest electric vehicle manufacturer BYD is expected to sell more than 4 million vehicles this year.

According to major foreign media on the 9th, BYD sold 3.76 million vehicles from January to November this year. Among them, 506,804 units were sold in November.

AFP Yonhap News

In recent months, BYD has shown strong sales performance in the Chinese market, bringing it close to achieving its annual sales target of 4 million units. This sales volume surpasses that of Honda and Ford. Furthermore, if this trend continues, BYD could sell more than 6 million vehicles in 2025, putting it on par with leading global automakers such as General Motors (GM) and Stellantis.

Citibank analysts recently reported that BYD plans to supply 5 to 6 million vehicles by 2025. According to the China Passenger Car Association (CPCA), BYD's market share in the Chinese automobile market reached 16.2% as of October, a significant increase from 12.5% in 2023.

BYD has been accelerating this growth by expanding production capacity and employment. Foreign media cited a BYD executive stating that the company increased its production capacity by about 200,000 units between August and October and employed 200,000 workers for automobile and parts production. BYD's total number of employees rose from approximately 703,500 at the end of 2023 to about 1 million as of last September.

Foreign media analyzed that BYD's efforts to scale up have enabled it to achieve growth rates surpassing competitors, maintain good cost control, and win the price war in China's electric vehicle market. This has led to remarkable growth, including overtaking Tesla, the electric vehicle leader in the third quarter.

This content was produced with the assistance of AI translation services.