BYD reported selling approximately 502,757 vehicles worldwide for the month of October this year.
BYD’s saw a 66.5% increase in sales compared to October 2023. Compared to September 2024 sales, the Chinese automaker saw a a 19.8% increase.
BYD posted an operating revenue of $28.2 billion in the third quarter, based on filings at the Hong Kong Stock Exchange. It’s operating revenue is 24% higher compared to Q3 2023 results. The company also reported a net profit of $1.6 billion in the quarter, up 11.5% from Q3 2023.
BYD has been working hard to expand its automotive business globally, specifically in Europe. In Q2 2024, the Chinese automaker beat Honda and Nissan, becoming the 7th largest automaker worldwide.
The Chinese automaker sells both pure-electric and hybrid vehicles. Local reports state that BYD’s strong October 2024 results is due to robust domestic demand. The plug-in hybrid market has continued to grow in China.
A UK research firm has raised its 2025 sales precisions for plug-in hybrids in China by 25%, based on the observation that other Chinese automakers are following BYD’s path and focusing on expanding in the plug-in hybrid market.
For instance, Xpeng aims to mass-produce its first hybrid vehicle by the second quarter of 2025. The upcoming Xpeng hybrid vehicle is expected to start at $28,190.
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