BYD, Geely drive into global top 10 list with surging auto sales

Two Chinese carmakers, BYD and Geely, made it to the list of top 10 global automakers in terms of sales in 2024, an unprecedented phenomenon, according to the newly released global sales rankings.

BYD, overtaking US-based General Motors and Ford, jumped to 5th with 4.27 million units of annual sales, up 41.26 percent year on year, having entered the top 10 global sales list for the first time in 2023.

Geely, ranked 10th, made its debut on the list with annual sales of 3.33 million units.

Japan's Toyota was the only one to break the 10-million annual sales mark in 2024 with 10.8 million units.

Germany's Volkswagen Group, which has ranked the top several times in history, was second with 9.03 million units. Hyundai Kia Motors Group of South Korea and Stellantis Group (including Peugeot, Citroen, Jeep, and Fiat) ranked 3rd and 4th, respectively.

GM and Ford came in at 6th and 7th, with annual estimated sales of 4.1 million and 3.9 million units, respectively.

Honda and Nissan, with 2024 sales of 3.81 million and 3.35 million units, respectively, ranked 8th and 9th.

The two Japanese carmakers had talks on a merger last year, aimed at creating the world's third-largest automaker. But the plan has been aborted.

Shenzhen-headquartered BYD and Geely, based in Hangzhou, witnessed surging sales last year.

In 2020, BYD's annual sales were 430,000 units. The number soared to 4.27 million in 2024, with Geely's 2024 sales up 22 percent year on year, of which 1.49 million were new-energy vehicles, soaring 52 percent annually.

Data from the China Passenger Car Association showed that the market share of Chinese independent brands reached 61 percent, an increase of 8.6 percentage points from 2023.

Cui Dongshu, secretary-general of the CPCA, believes that the booming NEV market and the export market contributed to the high growth rate of independent brands.

There has been rapid growth in overseas sales of Chinese automakers, data showed.

According to CPCA figures, China's cumulative passenger car exports (including complete vehicles and Completely Knocked Downs) totaled 4,791,000 units in 2024, rising 25 percent year on year.

BYD's export sales in 2024 were 433,000 units, a whopping 71.8 percent yearly gain, while Geely's overseas sales stood at 1,220,000 units, up 21 percent year on year.

"Brands that dare to transform have more potential to stand out from the competition," said Cui.