BYD to overtake Volkswagen ventures as China’s top producer amid surge in EV deliveries
BYD to overtake Volkswagen ventures as China’s top producer amid surge in EV deliveries
BYD’s total deliveries have exceeded perennial leader Volkswagen’s volume this year through October.
BYD’s total deliveries have exceeded perennial leader Volkswagen’s volume this year through October.
BYD is set to overtake perennial market leader Volkswagen as China’s biggest carmaker in 2024 after outselling the German company’s joint venture units in the first 10 months, as the growing popularity of battery-powered cars strengthens its market dominance..
“Its performance this year will largely beat Wang’s annual forecast of 3.6 million units,” said Phate Zhang, founder of the Shanghai-based company. “It now has an overwhelming advantage over all assemblers in China.”.
BYD also outsold Tesla in the third quarter in terms of volume and revenue. It delivered 1.13 million electric cars in the three months to September 30, a 38 per cent jump from a year earlier. Tesla recorded 462,890 units in the same period. Revenue jumped 24 per cent to 201.1 billion yuan (US$28.2 billion) versus Tesla’s US$25.2 billion..
Meanwhile, the Shenzhen-based company achieved a new milestone when it churned out its 10 millionth unit after more than two decades in the business. The Denza Z9 was delivered to Feng Ji, the founder and CEO of Game Science, which produced the hit video game Black Myth: Wukong.