BYD Car Production Significantly Increases in 2024

According to Statista data processed by Tridens Technology, BYD's vehicle production volume reached 4.3 million units in 2024. This volume surged by 41.33% compared to 2023, which stood at 3.04 million units.

Over the past six years (since 2019), its production volume has generally increased. A decline occurred only in 2020, attributed to Covid-19, by 5.08% to 431,950 units from 455,070 units in 2019.

However, after 2020, production has consistently increased. A significant increase began in 2022, as shown in the graph.

(Read also: [Tesla Model Y Becomes the World's Best-Selling Electric Car in Early 2025](https://databoks.katadata.co.id/transportasi-logistik/statistik/67c91fda9ed09/tesla-model-y-jadi-mobil-listrik-terlaris-global-awal-2025))

The Chinese automaker also reported annual revenue of US$107 billion (Rp 1,774.3 trillion with an exchange rate of Rp 16,580/US$) for 2024. BYD's annual revenue surpassed that of its US competitor, Tesla.

This latest data further intensifies the competition between the two electric vehicle rivals. In a disclosure to the Hong Kong Stock Exchange on Monday (March 24, 2025), BYD reported a 29% increase in revenue year-on-year. The company's performance was driven by sales of hybrid vehicles.

BYD's annual sales in 2024 exceeded Elon Musk's Tesla's annual revenue for the same period, which amounted to US$97.7 billion (Rp 1,620 trillion).

Wang Chuanfu, CEO and President of BYD, praised the company's rapid progress in 2024. BYD became the world's first automaker to achieve the milestone of launching 10 million new energy vehicles in November 2024.

“BYD has become an industry leader in every sector, from batteries and electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the landscape of the global market,” Wang said in a statement, as quoted by CNBC.

(Read *Katadata*: [BYD's Annual Sales Reach US$107 Billion, Surpassing Tesla](https://katadata.co.id/ekonomi-hijau/energi-baru/67e398056eaa3/penjualan-tahunan-byd-tembus-us-107-miliar-lampaui-tesla))