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.

Tesla, the U.S. EV maker, delivered 1.3 million vehicles—all battery-powered—in the first nine months of the year, slightly higher than the 1.2 million battery electric vehicles sold by BYD over the same period. Tesla sold 1.81 million cars in 2023.

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

BYD, China’s major electric vehicle manufacturer, is on target to reach sales beyond 2024 around the world despite tight constraints, thanks to rapid market share growth in the world’s No.1 automotive market.