And it’s not only in China. BYD and other Chinese EV makers are expanding overseas to drive growth. Facing a shrinking market share, legacy rivals are taking drastic measures to keep up.
BYD is already a leading EV brand in Southeast Asia and Latin America. It is also starting to gain a foothold on legacy rivals’ home turf, such as Japan, Europe, and South Korea.
Japanese automakers are losing market share in some of their most important sales regions. In China, Toyota, Nissan, and Honda all saw sales decline in the first half of 2024.
In the third quarter, BYD already topped rivals Nissan and Honda in global sales as demand for its low-cost EV models climbed. Will it top Ford next? With new pickup trucks, smart SUVs, luxury models, and electric supercars launching, BYD is poised for an even bigger year in 2025.