Chinese carmaker BYD reports soaring NEV sales in 2024

SHENZHEN -- Chinese auto company BYD saw new energy vehicle (NEV) sales soar 41.26 percent to over 4.27 million units in 2024, the company stated in a filing to the Shenzhen Stock Exchange on Wednesday.

Passenger vehicles dominated the company's NEV portfolio, with sales reaching 4.25 million units, up 41.07 percent from the previous year, it said.

Breaking down the numbers, fully electric vehicles accounted for more than 1.76 million units, rising 12.08 percent year-on-year, while plug-in hybrids surged 72.83 percent to around 2.49 million units.

Meanwhile, BYD's overseas sales of passenger NEVs grew 71.9 percent year-on-year to 417,200 units last year, underscoring the company's expanding presence in international markets.

BYD is one of many NEV producers that have seen booming sales as China, which has the largest number of motor vehicles in the world, continues its transition toward greener technology.

China's carmakers sold more than 11.26 million NEVs in the first 11 months of 2024, a 35.6 percent increase compared to the previous year, according to the China Association of Automobile Manufacturers.

As tackling climate change becomes a global priority, NEVs play a critical role in reducing carbon emissions in the transportation sector. According to the International Energy Agency, global sales of NEVs will need to reach 45 million units by 2030 to meet carbon neutrality targets.