Chinese electric vehicle maker BYD Company (OTC:BYDDY) (OTC:BYDDF) has reportedly outlined ambitious sales targets for 2024, aiming to reach 3.6 million units, marking a 20% increase from its previous sales.

BYD aims to sell 500,000 vehicles internationally in 2024, doubling last year's figures, and plans to further escalate to one million units in 2025, according to a report from Reuters.

The report added that this forecast follows a period of reduced quarterly profit growth in two years as EV sales faced challenges in the world's biggest auto market.

Also Read: US Automakers Are Having Nightmares About A $10K Chinese EV That Isn't Even On American Soil Yet

Chairman Wang Chuanfu highlighted the fierce competition in the new energy vehicle industry, projecting a decline in market share for foreign brands in China over the next few years.

Despite anticipating a drop in vehicle margins due to intensified price competition, BYD remains committed to ensuring profitability and stability through enhanced sales strategies.

Additionally, the company plans to introduce its fifth-generation plug-in hybrid system in May, promising improved fuel efficiency and extended ranges.

In an effort to maintain competitiveness, BYD has been launching updated vehicle models at lower prices since February, with further plans to introduce budget-friendly models equipped with advanced driving-assistance systems later this year.

Price Action: BYDDY shares are trading lower by 5.07% at $51.50 on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock