China's leading electric vehicle manufacturer BYD is likely to demonstrate additional market share increases when the November vehicle sales figures are revealed on Monday, positioning it to exceed its yearly target and surpass Ford and Honda in global sales.

According to CPCA data, BYD's share of the Chinese auto market, which accounts for over 90% of its overall sales, was 16.2%, an increase from 12.5% in 2023. In contrast, Volkswagen's two partnerships with SAIC and FAW Group achieved a total market share of 12.5% from January to October, down from 14.2% in the previous year.

As of October, BYD's share of the Chinese automotive market, accounting for over 90% of its overall sales, was 16.2%, an increase from 12.5% in 2023, per CPCA data. In contrast, Volkswagen's partnerships with SAIC and FAW Group captured a total of 12.5% of the market from January to October, down from 14.2% the previous year.

According to a recent note from Citi analysts following a meeting with the automaker's management, the Chinese company plans to produce 5-6 million vehicles by 2025.

Its robust sales, driven by a competitive range of models featuring its newest plug-in hybrid technology, are expected to indicate the company gained additional market share when the China Passenger Car Association (CPCA) publishes industry-wide vehicle sales data for November.

The Chinese electric car leader supplied 3.76 million vehicles in the initial 11 months of this year, with 506,804 units sold in November. If that sales momentum continues, BYD might exceed 6 million units sold in the upcoming 12 months, aligning it with top automaker groups globally like General Motors and Stellantis. Supported by strong sales in China that continued in recent months, BYD is now set to exceed its yearly sales goal of 4 million vehicles, surpassing Japan's Honda and Detroit's Ford in global sales for 2024.

From August to October, the car manufacturer increased production capacity by almost 200,000 units and recruited 200,000 employees for vehicle and parts manufacturing, an executive stated in November. Its initiatives to increase scale have enabled it to surpass competitors in growth, better manage expenses, and succeed in a fierce price competition in China that has pressured numerous foreign car manufacturers. A recent report from state-owned media indicates that BYD has requested price reductions from numerous suppliers.