Chinese electric vehicle maker BYD is on pace to surpass Honda and Ford in global annual sales for 2024, according to a new forecast. The projection displays the scale of the struggle the United States faces in competing with China in the electric vehicle market.

BYDs November sales crossed 506,000, pushing its 2024 total near 3.8 million. With a 70% surge in hybrid sales, the Chinese EV leader is closing the gap with Honda and Ford in a transformative year for the

As of October, BYD's share of the China auto market, which makes up more than 90% of its total sales, stood at 16.2%, up from 12.5% in 2023, according to the CPCA data. By comparison, Volkswagen's two joint ventures with SAIC and FAW Group took a combined 12.5% market share in the January-October period, compared with 14.2% last year.