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Reuters file photo A general view of BYD’s first electric vehicle factory in Southeast Asia in Rayong, Thailand, in July 2024
Jiji Press
16:10 JST, January 26, 2025
TOKYO (Jiji Press) — BYD Co. is believed to have surpassed Honda Motor Co. in global new vehicle sales in 2024, marking the first time that the Chinese electric vehicle giant beats the second-largest automaker in Japan.
BYD is growingly rapidly in the Chinese market thanks to its low vehicle prices, while Honda is struggling there, illustrating how the EV maker is changing the dynamics of the automobile industry.
BYD’s global sales jumped 41.3 pct in 2024 from the previous year to 4.27 million units.
The company is also expanding its presence in Japan, where it plans to release a plug-in hybrid this year.
Honda’s global vehicle sales are believed to have fallen short of four million units last year.
Japanese automakers lag behind in the Chinese market, where sales of so-called new energy vehicles including EVs have been growing in recent years on the back of government support.
Honda posted a 10th straight month of year-on-year sales decline in the Chinese market in November.
Nissan Motor Co., a Japanese automaker that has been in merger talks with Honda, is also faltering in the Chinese market. Catching up in the EV race is a key challenge for both Japanese automakers.
The decision by Honda and Nissan to start merger discussions is part of efforts to reduce the cost of electrification, including by sharing vehicle software.
