BYD, Chinese EV Peers Post Record Sales for December

By Jiahui Huang

BYD sold a record number of electric and hybrid vehicles in December, leading a host of Chinese peers benefiting from a government trade-in program in the world's largest market for EVs.

China's top domestic EV maker said late Wednesday that it sold 514,809 vehicles in the final month of 2024, notching a third consecutive month of sales over the 500,000 mark and lifting full-year sales 41% higher to 4.3 million vehicles. The company was also helped by robust overseas sales, which rose 58% to more than 57,000 vehicles in 2024.

BYD's local rivals also posted higher December sales. Li Auto sold a record 58,513 vehicles, bringing full-year sales to 500,508. NIO's December sales rose 73% to 31,138 vehicles and the carmaker delivered 221,970 units in 2024, while XPeng delivered a record 36,695 units in December, up 82% compared with a year earlier. It delivered 190,068 units in 2024.

Newcomer Xiaomi said it delivered more than 25,000 vehicles in December and more than 135,000 units in 2024 after debuting its first model in late March.

BYD rival Tesla is expected to release its fourth-quarter sales numbers later Thursday.

EV sellers saw stronger demand in China in the fourth quarter, helped by government incentives for consumers to trade in old cars to purchase new ones. Companies also offered discounts last month to meet annual sales targets.

Bocom International analyst Angus Chan said December sales were in line with expectations, although he cautioned that the first quarter of 2025 could be another story given a "potential price war and front-loading sales at the year-end."

Chinese EV stocks were largely in red by midday Thursday as robust sales have been mostly priced in and there was no surprise from the sales data, Nomura analyst Joel Ying said. BYD's shares fell 2.7% in Hong Kong.

Investors are watching to see if the trade-in program will be extended this year.

Write to Jiahui Huang at jiahui.huang@wsj.com