Chinese car manufacturer BYD led the car market in China for the first time in 2024. The group sold 3.65 million vehicles last year, an increase of 46 percent compared to the previous year, reports Asia Nikkei. This illustrates the rise of private car companies in China, where the market has long been dominated by joint ventures between state-owned and foreign car manufacturers. The private car manufacturer Geely Auto also grew by 30 percent in 2024.
Companies like BYD are also growing globally: BYD only sold ten percent of its vehicles abroad in 2024. But the group is gaining influence in South East Asia and Latin America in particular. BYD’s largest production factory outside China is located in Brazil, but it is currently making headlines for exploitation.
This development is to the detriment of foreign car manufacturers: second-placed Volkswagen sold 2.98 million vehicles, around six percent fewer than in the previous year. Sales by General Motors, Toyota and Honda also fell in China in 2024. This is also due to the fact that Chinese companies are focusing on electromobility: Around 41 percent of all Chinese vehicle sales at home and abroad were EVs or hybrid models. ek