BYD sold over 500,000 vehicles for the first time in October: Is it enough to take the EV crown?

BYD sales topped the 500,000 mark in October, its first time achieving the feat. After its fifth consecutive record sales month, will BYD take the global EV lead over Tesla this year?

BYD NEV sales top 500,000 for the first time in October

China’s largest EV maker continued its dominant run last month after selling a record 502,657 new energy vehicles (NEVs), up 20% from September.

October was BYD’s fifth straight record-breaking month for NEV sales. Many Chinese automakers report NEV sales, which include plug-in hybrid (PHEV) and all-electric (EV) models. BYD also adds commercial vehicles.

BYD sold 500,525 passenger vehicles last month, 310,912 of which were PHEVs, up 129% from last year. October was BYD’s eighth straight month with higher PHEV sales.

The other 189,614 were all-electric (EV) models, an increase of 15% from October 2023 and last month.

BYD’s Ocean (Dynasty) series accounted for 483,437 vehicles sold last month. Meanwhile, the company’s Fangcheangbao brand sold 6,026, Denza sold 10,781, and Yangwang sold 282 models.

Through October, BYD’s NEV sales reached over 3.25 million, 1.87 million of them being PHEVs. The other nearly 1.36 million were EVs, up 12% from the same period last year.

Will it be enough to top Tesla in 2024?

BYD’s impressive growth is being driven by its ever-expanding lineup of vehicles. Although best known for its ultra-affordable EVs (like the $10,000 Seagull), BYD is quickly expanding into new segments like pickup trucks, luxury models, and smart electric SUVs. It’s also aggressively targeting overseas market share.

With a wave of new models hitting China’s auto market, many domestic automakers are looking overseas for growth.

BYD sold nearly 32,000 passenger cars overseas last month. With new plants opening in several key overseas regions, like Thailand, Turkey, Hungary, and Mexico, overseas sales are expected to continue rising.

Although BYD’s revenue surpassed Tesla for the first time in the third quarter, Tesla remained ahead in EV sales.

BYD sold 443,426 EVs in Q3, but that was not enough to top Tesla’s 462,890 vehicles delivered last quarter.

Through the first nine months of 2024, Tesla remained ahead with 1,293,656 vehicle deliveries compared to BYD’s 1,169,579 EV sales.

With another 189,614 all-electric models sold last month, BYD’s EV sales reached 1,359,193. Tesla does not report monthly sales numbers, so we will have to wait until Q4 figures come out to determine who will be the market leader at the end of 2024.