As data and results for 2024 come in, the global automotive sales ranking is also out. Since BYD entered the top 10 list in 2023, another Chinese maker entered the list in 2024. This time, it’s Geely. Now, 2 of the top ten automakers, in terms of sales, are Chinese.
Toyota Group (including Daihatsu and Hino) topped the ranking for the fifth consecutive year. Although its sales dropped 3.7% year-on-year (YoY) due to steep competition in China and pausing production due to regulatory compliance issues, the group still leads the board with 10.82 million vehicles sold. Volkswagen ranks second with 9.03 million. Hyundai Motor Group and Stellantis, owners of Peugeot, Citroën and Jeep, follow at number three and four, respectively. The top four rankings did not change.
BYD entered the list in 2023 with 3.02 million sales. Last year, the Chinese brand surpassed General Motors and Ford and became number 5 with its 4.27 million vehicles sold, up 41.26% YoY. Geely, on the other hand, sold 3.34 million and ranks number 10 in the global list.
BYD’s shares surged 11.5% on 6 February to limit up, with its market value growing 82.2 billion RMB (11.28 billion USD) to 905 billion RMB (124.14 billion USD) in one day. This was mostly attributed to the brand announcing its plans to have AI smart driving as a standard feature on all its vehicles. AI-related and tech shares grew significantly this week, due to the aftershock of DeepSeek unveiling its R1 model before the Chinese New Year.
In other news, BYD has been launching several electric vehicles abroad in South Korea and India. Geely is also producing two models in its factory in Egypt. BYD and Geely, along with SAIC Motor, launched their lawsuit at the General Court at CJEU against the EU’s tariffs on Chinese automotive last month. Chinese automakers’ road to overseas (出海) might see another boost in Europe.
