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Climate change has been a global matter of concern for some time now. While some countries debate the existence of this issue, others are rapidly working towards turning the clock back and saving the planet. One of the solutions to countering the emission of greenhouse gases and the depletion of the ozone layer has been the development of electric vehicles. In 2024, BYD sold nearly **** million electric vehicles in China. 

Global EV production and sales

In 2023, the global market for electric vehicles was worth *** billion U.S. dollars with a forecasted figure of more than 990 billion U.S. dollars by 2029. Of the two kinds of electric vehicles produced, the battery operated variety has flooded markets and gained popularity in countries such as China, the United States, and Norway. Norway also held the largest market share of plug-in hybrid electric vehicles in the first half of 2021, accounting for **** percent of new vehicle sales.

China’s EV market

Not only is China an avid consumer of electric vehicles but also an enthusiastic producer leading the global EV market. China’s new energy passenger vehicle sales boomed as battery electric vehicles (BEV) took over a majority of the market. Among the many manufacturers, SAIC-GM-Wuling (SGMW) was the leading passenger BEV company in China in 2021, with sales of about ** units that year.