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BYD, a leading Chinese automaker, has shattered global records by becoming the first Chinese car company to sell over 500,000 new energy vehicles (NEVs) in a single month, reaching approximately 502,700 units in October 2024.

This milestone not only marks a new high for BYD but also positions the company to challenge Toyota, the world's top-selling automaker.

Following its August success where BYD outsold Volkswagen to become the second-largest automaker globally, the company is now eyeing Toyota's top spot.

In August, BYD sold about 385,100 units, surpassing Volkswagen's 375,900 units, while Toyota led with 656,700 units. Volkswagen's CEO, in response to BYD's growth, acknowledged the high costs associated with such rapid expansion and the challenges of achieving profitability in the EV market.

Analysts from SDIC Securities attribute BYD's October sales surge to the launch of new fifth-generation DM (DM5.0) models and rapid production ramp-up.

BOCOM International predict that with the continued rollout of DM5.0 models, BYD's sales could reach 1.3 million to 1.5 million units in Q4 2024, potentially improving profitability through economies of scale.

Official data shows BYD's cumulative NEV sales for the first ten months of 2024 at about 3.25 million units, a 36.49% increase year-on-year, already exceeding the full-year 2023 sales of 3.02 million units.

SPDB International forecasts BYD's NEV sales to reach 4 million units in 2024 and 5 million units in 2025, with a strong likelihood of continued market share growth and profit release.