China’s leading electric vehicle manufacturer, BYD, is on track to surpass its annual sales target of four million vehicles.

The company delivered 3.76 million vehicles within the first eleven months of 2024, with 506,804 units sold in November.

BYD’s growth is largely driven by strong demand within China, which accounts for over 90% of its sales.

As of October, BYD captured a 16.2% share of China’s auto market, up from 12.5% a year earlier, according to the China Passenger Car Association (CPCA).

Analysts from Citi project that if BYD’s current sales trajectory continues, it could sell over six million vehicles in the next 12 months.

Recent BYD developments