BYD, China’s leading electric vehicle (EV) manufacturer, is gearing up to end the year on a high note with a new sales promotion. The company has announced that it will be offering free car insurance on select EVs in its Ocean and Dynasty lineups ahead of the upcoming Chinese New Year. This move comes as BYD aims to maintain its strong sales momentum and potentially take the global EV sales crown in 2024.
In November, BYD achieved a record-breaking milestone by selling over 500,000 new energy vehicles (NEVs), including both EVs and plug-in hybrid electric vehicles (PHEVs). This marked the second consecutive month that BYD surpassed the 500,000 vehicle sales mark. Looking to carry this success into the new year, BYD recently unveiled its “New Year GO New Car” sales promotion on social media platform Weibo.
From December 26, 2024, to January 26, 2025, customers purchasing select PHEVs and EVs from BYD’s Ocean and Dynasty lineups will receive complimentary car insurance as part of the promotion. Some of the popular models included in the offer are the Dolphin, Seal, and Sea Lion 07. With nearly 3.76 million NEVs sold in the first 11 months of 2024, including 1.56 million all-electric models, BYD is in a fierce competition with Tesla for the title of global EV sales leader for the year.
Tesla, BYD’s main competitor, delivered 1.3 million EVs through September, slightly ahead of BYD’s 1.17 million units. However, since Tesla does not disclose monthly sales figures, the final tally at the end of the year will determine which company emerges as the top global EV seller for 2024.
One of BYD’s standout models, the Seagull EV, priced below $10,000, maintained its position as China’s best-selling vehicle in November, outperforming even the Tesla Model Y. The company sold an impressive 56,156 units of the Seagull EV in China last month alone. Despite the intense rivalry with Tesla on the global stage, BYD continues to outpace traditional automakers such as Nissan and Honda in terms of global vehicle sales.
In the third quarter, BYD even surpassed Nissan and Honda in global vehicle sales and is now on track to overtake Ford. With its aggressive sales promotions and a diverse lineup of electric vehicles, BYD is solidifying its position as a dominant force in the EV market. As the competition heats up in the final stretch of 2024, all eyes are on BYD and Tesla to see who will clinch the title of the world’s top EV manufacturer.
