Tesla remains the leading electric vehicle (EV) manufacturer, delivering 1.79 million vehicles in 2024, a slight decline from the previous year.
BYD, however, has surged ahead with 1,764,992 battery electric vehicles (BEVs) sold, contributing to a total of 4.3 million cars globally, marking a 41% increase.
BYD's BEVs accounted for 41.5% of its total sales, with plug-in hybrids making up the remainder. The company also saw significant growth in international markets, with a 71.9% increase in sales outside China.
In battery production, BYD installed 23.5 GWh of capacity in December alone, while cumulative installations for the year reached 194.7 GWh.
Industry analysts suggest Tesla's stagnant sales may stem from outdated models and potential customer alienation due to CEO Elon Musk's political activities. A revamped Model Y is anticipated in 2025, as Tesla shifts focus towards software advancements in autonomous driving and robotics.