BYD, a Chinese automotive company, has risen to become the sixth-largest car manufacturer globally in the third quarter of 2024. This milestone marks the first time BYD has outsold Ford, a historic achievement. With this momentum, BYD is on track to end the year with over 4 million vehicles sold, potentially surpassing Ford for the entire year.
Specifically, from July to September this year, BYD sold 1.13 million vehicles, a remarkable 38% increase compared to the same period last year. This quarter also stands as BYD’s most successful sales period to date.
In contrast, Ford sold approximately 40,000 fewer vehicles than BYD during the same quarter, dropping from the sixth to the seventh-largest car producer. However, for the first nine months of the year, Ford still leads with 3.3 million vehicles delivered globally, slightly ahead of BYD’s 3.25 million.
Interestingly, BYD does not yet sell cars in the US and Canada, which are Ford’s primary markets. BYD has been exploring the option of building a car factory in Mexico as a gateway into the North American market.
BYD surpasses Ford to become the sixth-largest car manufacturer worldwide.
BYD is not the only Chinese company giving traditional automakers a run for their money. Geely, another Chinese automaker, saw a staggering 14% sales increase in the third quarter, delivering 820,000 vehicles. This performance propelled Geely ahead of Nissan into ninth place, just behind Honda. Chery, China’s third-largest car manufacturer, also climbed to 12th place with a 27% sales increase, selling 550,000 vehicles.
According to Nikkei Asia, several Japanese, European, and American brands experienced declines in sales during the previous quarter. For instance, Toyota’s sales dipped by 4% to 2.73 million vehicles, yet it retained its top position. The Volkswagen Group, in second place, saw a 7% decline in sales to 2.17 million vehicles. Hyundai Motor Group maintained its third position despite a 3% sales drop to 1.77 million vehicles. Stellantis fared worse, with a steep 20% decline in sales to 1.14 million vehicles.
The surge in sales for brands like BYD is positively impacting their financial health. In the third quarter, BYD announced a revenue of 201 billion Chinese yuan, equivalent to $27.6 billion, outpacing Tesla’s $25.2 billion.
BYD has been actively expanding into international markets. In 2024, BYD entered the Vietnamese market with its first three models: the Seal, Atto 3, and Dolphin. In October 2024, BYD introduced three more models in Vietnam: the M6, Han, and Tan EV.
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