BYD, General Motors, and Tesla lead U.S. electric vehicle market growth in 2024

In 2024, the U.S. electric vehicle (EV) market grew, contrary to perceptions of declining sales. BYD, General Motors, and Tesla stood out, with BYD achieving significant sales growth and becoming the largest carmaker in China, outselling Toyota in Japan. BYD sold nearly 4.3 million vehicles globally, up from 3 million in 2023. The company launched affordable models, making it difficult for competitors outside China to keep pace. BYD is also expanding into global markets despite potential tariff challenges. General Motors improved its sales and market share, becoming the second-largest EV seller in the U.S. for the latter half of 2024. The company raised its guidance and expanded its vehicle lineup, enhancing its competitiveness in the EV sector.