Top Chinese automaker BYD (BYDDY, Financials) is on track to beat its sales goal of 4 million cars by 2024, with 3.76 million units already shipped in the first 11 months of the year. Sales went up 67.2% year-over-year, with 504,000 cars delivered in November alone. This was a lot more than Tesla's (TSLA, Financials) 78,800 units sold in the same month.
BYD shares are trading for $72.53 on last look, up 6.7%.
As of November, Yahoo Finance says BYD has 17% of China's private car market. This is up from 12% at the beginning of the year. The company's growth in market share shows that it can beat competitors like Tesla, Ford Motor Company (F, Financials), and Honda Motor (HMC, Financials), both in the United States and other countries.
BYD's cheap costs and cutting-edge technology have helped it grab demand in the fast-growing new energy vehicle sector. People throughout the globe, including China, want to purchase its electric and plug-in hybrid automobiles.
BYD wants to build 5–6 million vehicles worldwide by 2025, more than all the large automakers combined. The growth is attributed to more individuals purchasing electric automobiles worldwide.
Also, making the Chinese market more competitive firms like BYD have become more present in the area, which has hurt Tesla's sales. Reuters says that BYD is on track to meet its 2024 sales goal and is keeping up its progress because more people want environmentally friendly cars.
As things stand, BYD's dominance in China and rising footprint around the world show that it is becoming a strong competitor in the car business.
