TLDR
Contents
- BYD Co Ltd surpassed Tesla in global EV sales for the first time in 2024, marking a shift in the electric vehicle market
- BYD announced its “God’s Eye” autonomous driving feature will be available for free in all vehicles, including budget models under $10,000
- The Chinese automaker became Singapore’s best-selling car brand in the first four months of 2025, outselling Toyota for the first time
- BYD sold 3,002 vehicles in Singapore compared to Toyota’s 2,050 and Tesla’s 535 units in the same period
- The company aims to sell half of its total vehicle production internationally by 2030 as part of its global expansion strategy
BYD Co Ltd has achieved a historic milestone by surpassing Tesla in global electric vehicle sales for the first time in 2024. The Chinese automaker’s rise represents a major shift in the EV landscape as it continues expanding beyond its home market.
According to the International Council on Clean Transportation, BYD exceeded Tesla in battery electric vehicle sales during 2024. The achievement comes as Chinese automakers build strong positions in the zero-emission vehicle market, with China’s domestic market now accounting for over 11 million EVs sold annually.
The sales victory coincides with BYD’s aggressive expansion into international markets. The company recently launched its popular Seagull EV in Europe, rebranded as the Dolphin Surf EV, priced at $26,000. This move follows the automaker’s decision to overhaul its European strategy after missing initial targets in the region.
BYD’s growth strategy includes making advanced technology more accessible to consumers. The company announced that its “God’s Eye” autonomous driving feature will now be available for free across all vehicle models. This includes budget cars like the popular Seagull hatchback, which retails for less than $10,000 in China.
The God’s Eye system offers capabilities such as remote parking via smartphones and autonomous overtaking on roads. Previously, this technology was only available in BYD’s higher-end models since its 2023 rollout.
Market Disruption Through Technology Democratization
Industry experts view BYD’s decision to offer autonomous driving features for free as a game-changer. The move represents the continued commoditization of advanced driver-assistance systems, making premium technology accessible to mass-market consumers.
This strategy puts pressure on competitors like Tesla, which charges extra for its Full Self-Driving capabilities. Analysts suggest it will become increasingly difficult for consumers to justify paying premium prices for features that competitors offer at no additional cost.
BYD’s expansion success is particularly evident in Southeast Asia. The company achieved a remarkable milestone in Singapore by becoming the city-state’s best-selling car brand in the first four months of 2025. BYD sold 3,002 vehicles during this period, capturing 20% of total car sales and surpassing longtime market leader Toyota.
Toyota, which historically dominated Singapore’s automotive market, sold 2,050 vehicles during the same timeframe. Tesla managed only 535 units, highlighting the competitive pressure from Chinese manufacturers.
Regional Dominance Fuels Global Ambitions
Singapore’s market dynamics make BYD’s success particularly noteworthy. The city-state maintains strict vehicle ownership protocols and high car prices, traditionally favoring established brands like Toyota. BYD’s ability to capture market share in this environment demonstrates strong consumer appeal for its electric vehicles.
The company entered Singapore’s market in 2022, more than a year after Tesla. Despite the later start, BYD showed impressive growth, with sales nearly doubling to 1,416 units in 2023 while Tesla’s sales grew modestly by 7% to 941 units.
Popular models like the BYD Atto 3, starting at S$165,888 ($127,500), have found success despite Singapore’s high vehicle costs. The reception indicates growing consumer appetite for electric vehicles across price segments.
Thailand has emerged as BYD’s largest foreign market, supporting the brand’s regional expansion strategy. The company aims to sell half of its total vehicle production internationally by 2030, positioning itself among the world’s top automakers.
BYD’s stock responded positively to recent announcements, gaining 4% following news of the free autonomous driving rollout. Tesla’s shares declined 2% on the same day, reflecting investor concerns about competitive pressure.
The Chinese automaker faces challenges including criticism over aggressive discounting in China’s ongoing EV price war. BYD recently launched the Seal 06 EV sedan in China for $15,000, demonstrating its commitment to affordability across markets.
BYD’s rapid international expansion continues with plans for further growth in Europe and Latin America, leveraging its success in Southeast Asian markets as a foundation for global ambitions.
