BYD to overtake Ford, Honda as sales surge

China's top electric vehicle maker BYD (1211) gained market share as the world's largest auto market recorded its fastest-growing month in 2024, setting it up to exceed its global annual sales goal and overtake Ford and Honda.

BYD has seen an extraordinary expansion this year, growing capacity and undertaking a massive hiring spree to turbocharge revenue that surpassed EV leader Tesla in the third quarter.

Aided by robust sales in China, BYD is on course to top its annual sales target of 4 million vehicles, which would put it ahead of Japan's Honda and Detroit-based Ford for 2024.

The EV giant delivered 3.76 million vehicles in the first 11 months this year, including 506,804 units sold in November.

BYD aims to deliver 5 to 6 million cars in 2025, Citi analysts said in a recent note after a meeting with the automaker's management.

In other news, South Korean companies are reconsidering their US$54 billion (HK$419 billion) investment blitz to build EV battery plants in the US over concerns president-elect Donald Trump could undo tax credits for EVs.

Some Korean firms have slowed or hit the pause button on ongoing construction of some plants because they are concerned about reduced demand for EVs and what Trump would do during a second term in the White House, sources said.

Ending hundreds of billions of dollars in subsidies, tax credits and other incentives would threaten tens of thousands of US jobs and undo years of work shifting the global EV supply chain away from China.

Staff reporter and Bloomberg