BYD will record 4.3 million electric vehicle sales in 2024

Good morning and happy new year. Today’s highlights include:

BYD sets new electric vehicle record

Business trends to watch in 2025

What economists say about “magnomics”

BYD, China’s best-selling automaker, achieved a record sales of 4.3 million electric and hybrid vehicles in 2024, despite continued fierce competition in the domestic market.

The company said this significantly exceeded its previously set target of 3.6 million units. “We are the champion of China and the champion of the world,” the company said in a social media post.

BYD sold 1.76 million pure EVs last year, but that wasn’t enough to displace Tesla as the world’s largest EV maker. Elon Musk’s company announced yesterday that it delivered 1.79 million cars last year.

“The market is very competitive,” said Yale Zhang, managing director of Automotive Foresight, a Shanghai-based consulting firm. “Big companies are taking a bigger and bigger slice of the pie, while most smaller companies are struggling.”

The spread of EVs in China will continue to be an important topic in 2025. Sales of EVs, including pure battery-powered cars and plug-in hybrids, are expected to outpace sales of cars with internal combustion engines for the first time this year. Here’s what else you need to know about the trend:

5 more top articles

1. South Korean cryptocurrency mogul Do Kwon made his first appearance in a Manhattan courtroom yesterday after being extradited from Montenegro to face criminal charges in the United States. The new indictment released Thursday adds a new charge of money laundering to the original eight charges announced last year against Kwon.

2. Alibaba has agreed to sell its entire stake in Sun Art Retail, China’s largest hypermarket operator, at a deep discount. The move comes as Alibaba ramps up its focus on its e-commerce business, which is at the heart of growing competition. Read more about the deal, which will result in a loss of $1.8 billion to shareholders upon completion.

3. A US ban on investors supporting Chinese companies developing artificial intelligence went into effect yesterday, and US investors in Chinese venture capital funds are racing to comply with the rules. Many investors have responded by reducing or suspending new investments in China.

4. A senior Syrian delegation has arrived in Riyadh on its first official trip since President Bashar al-Assad was ousted last month. Saudi Arabia and other Gulf states are moving quickly to accept the new authorities, which will be controlled by the Islamist group Hayat Tahrir al-Sham on December 8th.

5. Nick Clegg, Meta’s global president, is leaving the social media platform and will be replaced by Joel Kaplan, a prominent Republican known for overseeing relations with conservatives. The change was made weeks before Donald Trump was inaugurated as US president, and some critics claim that Meta is listed on the right side. Please read the full text.

How well have you been keeping up with the news this week? Take our quiz.

What to watch in 2025

“This is the season for predictions. FT reporters use their expertise and historical knowledge to predict what will happen in the year ahead. Will China’s export prices fall further? By Elon Will Musk and Donald Trump have a falling out? What about Bitcoin: Will it reach $200,000? Check out our experts’ opinions and see if you agree.

I’m also reading. . .

Investing in China: The question investors should be asking is not whether Chinese people will spend again, but how and on what they will spend, writes Swetha Ramachandran.

Erdoğan’s Whispers: Turkey’s Finance Minister Mehmet Şimşek is embraced like a rock star, but it is Vice President Cevdet Yilmaz who has played a key role behind the scenes managing the country’s financial legitimacy.

Financial to-do list: From money-saving job perks to investing and tax planning, Clare Barrett shares 10 tips to get your finances in order in the new year.

Golden age of cryptocurrencies: The sector is expected to be deregulated and widely adopted under President Donald Trump’s administration, but some are concerned about systemic risks.

chart of the day

The FT surveyed more than 220 economists from the US, UK and eurozone about Donald Trump’s vision to reshape the world’s largest economy through protectionist policies that put America first. Most said this approach would damage growth. The reason is as follows.

Take a break from the news

From film, theatre, dance and TV to art exhibitions, games, pop and classical music, FT’s critics pick the most anticipated hot tickets of 2025.