NEW YORK—According to Statistica Inc., BYD Auto Co. has surpassed Tesla Inc. to become the world’s largest manufacturer of electric vehicles. In 2024, Tesla made 1,774,442 EVs vs. BYD’s 1,777,965.

During the fourth quarter of 2024, China’s No. 1 car brand out produced Tesla by almost 150,000 vehicles. The automaker is a division of BYD Group, a Shenzhen-based conglomerate that also dabbles in electronics, rail transit and renewable energy.

BYD, an acronym for “Build Your Dreams,” has been China’s largest EV producer for several years. It is currently taking the European market by storm, offering five models, including sedans, hatchbacks and sport utility vehicles.

The company, which operates several assembly plants in China, recently opened a factory in Thailand and is currently building a facility in Hungary (the first plant in Europe by a Chinese automaker).

BYD plans to build a similar facility in Mexico sometime in the near future. The company has operated an electric bus factory in Lancaster, CA, for several years.