FirstFT: BYD hit a record 4.3mn electric vehicle sales in 2024

Good morning and happy New Year. Here are today’s highlights:

• BYD hits a new electric vehicle record

• Business trends to watch in 2025

• What economists say about ‘Maganomics’

BYD, China’s best-selling car manufacturer, sold a record 4.3mn electric vehicles and hybrids in 2024, even as fierce competition took hold in its home market.

It far surpassed its target of 3.6mn vehicles it set earlier, according to the company. “China’s champion, the world’s champion,” the company said in a social media post.

BYD sold 1.76mn pure EVs last year, but it was still not enough to oust Tesla as the world’s biggest-selling EV maker. Elon Musk’s company said yesterday that it delivered 1.79mn cars last year.

“Competition in the market is very fierce,” said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. “The biggest companies are taking an increasingly large piece of the pie, while most of the smaller groups are struggling.”

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

Five more top stories

1. South Korean cryptocurrency mogul Do Kwon made his first appearance in a Manhattan courtroom yesterday after he was extradited from Montenegro to face criminal charges in the US. A new indictment unsealed on Thursday adds a new count of money laundering to the eight original 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 steep discount. The move comes as Alibaba sharpens its focus on core ecommerce operations amid intensifying competition. Read the details of the deal that will result in a $1.8bn loss for shareholders when it’s completed.

3. A US ban on investors backing Chinese companies that develop artificial intelligence came into force yesterday, leaving US investors in Chinese venture capital funds racing to comply with the rules. Many investors have responded by cutting back or pausing new investments in China.

4. A senior Syrian delegation arrived in Riyadh on its first official foreign trip since Bashar al-Assad was ousted last month. The kingdom and other Gulf states have moved quickly to embrace the new authorities, dominated by the Islamist group Hayat Tahrir al-Sham, after they took over Damascus on December 8.

5. Nick Clegg, the president of global affairs at Meta, is leaving the social media platform and will be replaced by Joel Kaplan, a prominent Republican known for overseeing the company’s relationships with conservatives. The change comes weeks before Donald Trump takes office as US president and some critics argue Meta is listing rightward. Read the full story.

How well did you keep up with the news this week? Take our quiz.

What to watch in 2025

‘Tis the season for predictions. FT reporters put their expertise and historical knowledge to the test to envision what may happen on their beat in the year ahead. Will Chinese export prices fall further? Will Elon Musk and Donald Trump fall out? What about Bitcoin: will it hit $200,000? See what our experts had to say — and whether you agree.

We’re also reading . . . 

• Investing in China: The question investors should ask is not whether the Chinese will spend again, but how — and on what, writes Swetha Ramachandran.

• Erdoğan whisperer: While Turkey’s finance minister Mehmet Şimşek has been received like a rock star, it is vice-president Cevdet Yılmaz, who has played a crucial backstage role managing the nation’s turn to financial orthodoxy.

• Financial to-do list: From money-saving work perks to investments and tax planning, Claer Barrett has 10 tips to get your finances in shape this new year.

• Crypto’s golden era: The sector expects lighter regulation and wider adoption under Donald Trump, but some worry about systemic risks.

Chart of the day

The FT surveyed more than 220 economists in 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 the approach would damage growth — here’s why.

Take a break from the news

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