BYD Accelerates Past Ford: Set to Overtake Ford In Annual Deliveries

BYD is on track to achieve a historic milestone in the automotive industry, as the electric vehicle (EV) maker appears set to surpass Ford in annual vehicle deliveries.

BYD’s Record-Breaking Sales Surge

According to Bloomberg, BYD reported record-breaking sales of 534,003 units in October alone, putting it nearly even with Ford’s year-to-date deliveries. While Ford reports its sales quarterly, averaging around 1.1 million vehicles per quarter, BYD has already demonstrated its competitive edge by outselling Ford by 40,000 units in the third quarter, delivering roughly 1.13 million vehicles.

Moreover, BYD’s success comes amid challenging times for traditional automakers. While BYD expands its production capacity and workforce, traditional automakers are facing significant headwinds such as Volkswagen’s plans to close three German plants for the first time in its 87-year history.

Surpassing Tesla in Quarterly Revenue

BYD’s remarkable growth has already yielded another significant achievement: surpassing Tesla in quarterly revenue for the first time. The Chinese automaker posted stronger gross margins of 21.9% in Q3, compared to Tesla’s 19.8%.

Furthermore, BYD reported a record-breaking Q3 revenue of RMB 201.1 billion ($28.2 billion), marking a 24% year-over-year increase and surpassing Tesla’s $25.2 billion for the same period. The company’s net income grew by 11.5% to RMB 11.6 billion ($1.6 billion), though it still lagged behind Tesla’s $2.2 billion profit.

Challenges in North America

However, BYD’s expansion faces some headwinds in North America. The company recently paused its plans to enter the Canadian market, largely due to the country’s 100% federal tariffs on Chinese EVs. Similar barriers exist in the United States (U.S.), where Chinese EVs face substantial tariffs.

Read More: BYD Takes the Lead: Surpassing Tesla With Unprecedented Revenue Results In Q3 2024

With BYD’s exceptional growth and ability to challenge traditional automakers, it highlights its rising influence in the global EV market. Through its diverse lineup of EVs and affordability, its expansion continues to present opportunities as the company resumes its global ascent.

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