China’s electric vehicle giant BYD has reached new record sales in 2024, after delivering 4.25 million new passenger electric vehicles, Kallanish reports.

The volume includes 1.76 million all-electric (BEV) and 2.48m plug-in hybrid (PHEV) electric vehicles. The latter represents an annual surge of 72.83%, while the former an increase of 12.08%.

Including commercial vehicles, BYD sold 4.27m EVs, which is 41.26% higher than in 2023 and far more than the 3.6m sales target it set for 2024.

According to a statement filed at the Shenzhen Stock Exchange on 1 December, vehicle production was slightly higher than sales, though annual growth rates were similar. BYD manufactured 1.77m BEVs and 2.50m PHEVs last year, compared to 1.58m and 1.44m, respectively, in 2023.

The company also ended the year installing 194.7 gigawatt-hours of batteries in electric vehicles and energy storage systems.

“China’s champion, the world’s champion,” BYD says in a social media post, as it provides delivery updates on its different models and brands.

To consolidate as the world’s biggest BEV company, BYD needs to beat rival Tesla, which on Thursday maintained the title with sales of 1.78m BEVs in 2024. The US carmaker was targeting sales of 1.81m units, which required 517,000 deliveries in Q4. However, the volume fell short with 495,570 deliveries. (See related story)

Competition aside, BYD says its commitment to green mobility is more evident than ever, with the company producing its 10-millionth NEV. Celebrating 30 years of operation, the carmaker notes it took 15 years to produce 5m NEVs, but 15 months to produce the other 5m units.

In a New Year’s address on Tuesday, China’s President Xi Jinping acknowledged the country’s success in fostering “new quality productive forces in light of actual conditions.” He noted that for the first time, China has produced more than 10m NEVs in a year. “New business sectors, forms and models have kept emerging,” adds Xi.