BYD says China EV sales could reach 80% penetration soon

BYD says China’s electric and hybrid vehicle market could keep growing even as overall EV sales growth slows. Executive Vice President Stella Li said the company expects EV penetration in the country to move toward 80% as new technology and a wide range of models continue to support demand. The company pointed to recent market data showing that electrified vehicles made up more than half of new passenger cars sold in China in 2024, with the share reaching 62.9% in May, according to the China Passenger Car Association. BYD also said domestic demand remains stronger than its current delivery capacity, helped by its fastcharging and battery technology. The article also notes that BYD is facing tougher conditions abroad, including U.S. tariffs on Chinamade electric cars and increased competition from other automakers. In China, the next phase of competition is expected to focus more on driverassist technology and software features.