This photo taken on April 24, 2024 shows a new energy vehicle (NEV) assembly line of BYD, China's leading NEV manufacturer, at the plant of BYD in Zhengzhou, central China's Henan Province. Photo:Xinhua

The number of electric vehicles (EVs) produced by Chinese new-energy vehicle (NEV) maker BYD surpassed that of US automaker Tesla in 2024, according to the two firms' latest financial reports, and in terms of EV sales, BYD's gap with Tesla narrowed to within 30,000 units last year. 

This reveals the growing competitiveness of Chinese NEVs and their popularity in global markets, which is based on technological advances and supply-chain advantages, analysts said.

Last year, Tesla sold 1.79 million vehicles, according to a financial report it released on Thursday (US time). This was down 1.1 percent from its deliveries in 2023, the first such drop the company has reported since 2015.

Meanwhile, Chinese automaker BYD sold 1.77 million EVs last year, up 12.08 percent year-on-year. That means Tesla still retained the title of the world's top selling EV brand in 2024, but the gap with BYD was less than 30,000 vehicles, compared with over 220,000 in 2023.

In the fourth quarter of 2024, Tesla reported sales of 495,570 EVs, which was far behind BYD's global deliveries of around 600,000 EVs in the same quarter, according to a CNN report.

Previously, BYD beat Tesla in EV sales for the first time in the fourth quarter of 2023. And in the third quarter of 2023, BYD also overtook Tesla in revenue for the first time.

With regard to EV production, Tesla produced 1.77 million EVs in 2024, while that of BYD was slightly higher at 1.778 million units.

Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Friday that the momentum has been achieved thanks to Chinese companies' significant advances in related technologies, their growing status in global markets and the rapid development of the NEV industry. It has also come despite intense global competition, Wang noted. 

In addition to BYD, a number of other Chinese NEV makers such as Chongqing Changan Automobile Co and Zeekr also reported stellar sales in 2024, with some posting growth of over 50 percent year-on-year.

Cui Dongshu, secretary general of the China Passenger Car Association, said on Thursday that China's sales of new-energy passenger vehicles accounted for approximately 70 percent of the global share between January and November in 2024. The percentage was 52 percent in 2021, 63 percent in 2022, and 64 percent in 2023, demonstrating a clear trend of expansion.

According to Cui, China's NEV exports performed well in the first 11 months of 2024, particularly in South American and Southeast Asian markets. This success highlights the strength of China's industrial chain, which has fostered robust growth in both the domestic market and overseas markets, he said.