BYD looks likely to sell 4.25 million EVs in 2024, according Lian Yubo, BYD chief scientist. BYD sold 506,804 EVs in November, the second consecutive month of more than 500,000 units, according to data it released earlier this month.

“Today, one out of every three electric vehicles in China is made by BYD. In the global market, one out of every five electric vehicles is BYD’s,” he said.

The company is rapidly ramping up its production capabilities. Between August and October, BYD added nearly 200,000 units to its production capacity, the company’s executive vice president, He Zhiqi.

BYD’s increase in volumes has been spectacular. In the last two years sales have more than doubled to this year’s figure.

BYD’s sales of more than 3 million vrhicles in 2023 make it the world’s top-selling EV maker. This is the first time in 40 years that a local Chinese brand has overtaken foreign brands, Lian said.