BYD's relentless drive for global expansion cemented its position as the leading player in the electric vehicle (EV) sector throughout 2024. With remarkable milestones achieved on various fronts, the Chinese automotive and battery giant illustrated its commitment to the new energy vehicle (NEV) market as it accelerated its reach across multiple continents.
One of the most significant milestones occurred when BYD successfully sold over 4 million new energy vehicles (NEVs) globally. This extraordinary performance not only marked the first time the company exceeded the 4 million unit threshold within a year but also earned it the title of Global New Energy Vehicle Market Sales Champion. "This achievement reflects the dedication of our team, the unwavering support of our dealer partners and suppliers, and most of all, the trust of our valued customers," stated Bob Palanca, Managing Director of BYD Cars Philippines.
Throughout the year, BYD took bold steps to broaden its market presence. Notably, it made its official debut in the Ethiopian market on December 21, 2024, with great anticipation. This entry was facilitated through collaboration with local distributor MOENCO and showcased BYD's strategic effort to penetrate new territories.
Meanwhile, the company's operations proliferated within existing markets. For example, BYD's first flagship store was inaugurated in Kuwait on December 15, symbolizing the brand's commitment to serving customers across the region. Earlier, on December 11, new stores were launched simultaneously in Estonia’s capital Tallinn and the second-largest city Tartu, demonstrating BYD's initiative to cater to local consumer preferences.
Hong Kong witnessed the opening of five new NEV models, which included the BYD HAN and BYD ATTO 3. Reports confirm these vehicles were well-received, aligning with BYD's strategic vision to dominate the electrified vehicle domain.
Adding to its international footprint, BYD launched the ambitious education charity fund on December 30. This fund aims at supporting scholarships across 100 Chinese universities, focusing on raising awareness and nurturing talent in the NEV sector. "Together with ACMobility, we are committed to providing more Filipinos with BYD's global models," emphasized Aiffy Liu, Country Head of BYD Philippines, highlighting the company's commitment to education and future generations.
December also showcased significant OTA updates for BYD's luxury models, including advancements with the U8 Luxury Edition, featuring enhancements such as nationwide urban navigation capabilities. This reflects BYD's focus on integrating cutting-edge technology with user experiences.
Despite external challenges, such as the impending economic downturn indicated by new trade tariffs affecting the automotive industry, BYD's perseverance continued to shine through. BYD remained undeterred, with its recorded consolidated vehicle sales reaching 4,250,370 vehicles across various segments, highlighting over 41% growth from 2023.
By the end of 2024, the company's global manufacturing strategy was clearly visible, with announcements of new plants being established across several countries, including Thailand, Mexico, Brazil, Hungary, Turkey, and Pakistan. This strategic expansion not only positions BYD to capitalize on local markets but also acts as a key growth driver internationally.
The commercial vehicle sector was another bright spot for BYD, with reported sales reaching 4,092 units – representing astonishing growth compared to January 2023. With such strong performances, BYD aims not only to maintain but increase its presence across commercial markets, as evidenced by its expansion of electric bus fleets internationally.
With all these accomplishments, BYD is steering the future of mobility toward greener horizons. The growing acceptance of electric vehicles has begun reshaping local markets, with BYD leading the way. Looking forward to 2025 and beyond, BYD's ambitious plans to introduce more models and expand dealership networks suggest the brand will not only continue thriving but transform the automotive industry. The forward-thinking company is committed to producing innovative vehicles, ensuring cleaner and more accessible transportation options for consumers globally.