Chinese EV giant BYD is poised to surpass Ford in annual vehicle sales, with a record 500,000 units sold in October alone. This achievement follows BYD’s recent revenue win over Tesla, posting $28.2 billion for Q3, outpacing Tesla's $25.2 billion.
BYD’s hybrid lineup appears to appeal to consumers hesitant to fully switch to electric vehicles, particularly in China, where government subsidies encourage trade-ins of older EVs or combustion cars.
This trend is also notable in Australia, where recent data from the Australian Automobile Association shows a rise in hybrid and plug-in hybrid (PHEV) sales during Q3, while ICE and battery EV sales saw declines. Hybrid market share rose from 14.93% to 16.7%, and PHEV sales surged by 56.64%, increasing their market share to 2.53%.
Legacy automakers like Ford, Nissan, Volkswagen, and Stellantis are feeling the heat as Chinese EV brands expand globally, leading to declining profits, excess capacity, and workforce challenges. Ford may find relief under President-elect Trump, who has proposed rolling back the 2022 climate law, which provides $8.5 billion in decarbonization incentives.
Despite BYD not selling passenger vehicles in the U.S., its growth remains strong. Senior Vice President He Zhiqi recently announced that BYD boosted its production capacity by nearly 200,000 units between August and October by hiring an equivalent number of workers, with October’s output reaching 534,003 units.
See Full Article & Battery Metals Winners and Losers: High Voltage: BYD’s EV sales look set to overtake Ford this year - Stockhead