Government incentives and strong sales are making China’s BYD automaker a global powerhouse. 

BYD, China’s electric vehicle (EV) manufacturer, is about to exceed its 2024 sales target of 4 million vehicles, potentially surpassing Ford and Honda’s global sales figures. As of November, BYD has delivered 3.76 million vehicles, including over 506,000 units in November alone. 

The company’s expansion strategy includes significant increases in production capacity and workforce. Between August and October, BYD added nearly 200,000 units to its production capacity and hired 200,000 workers, bringing its total employee count to nearly one million as of September. 

BYD plans to deliver 5 to 6 million vehicles in 2025 and double its exports to 450,000 vehicles.

In the third quarter, BYD reported an 11.5% increase in net profit, reaching $1.63 billion, fueled by strong sales and government incentives. Quarterly revenue climbed 24% year-on-year to $28.24 billion, exceeding Tesla’s revenue for the same period.