Chinese automaker BYD likely overtakes TESLA in electric car sales, production | Southwest First Alert Magazine
BYD may have ended the global dominance of Tesla as it reported the sale of 3,024,417 new energy vehicles in 2023, reflecting a year-on-year increase of 62.3%. These sales significantly surpass the previous year’s sales record of 1,863,494 vehicles, CarNewsChina.com reports.
In contrast, Reuters reports that Tesla likely delivered 1.82 million vehicles globally in 2023, up 37% from 2022, with about 473,000 units in the fourth quarter, according to 14 analysts polled by LSEG." In the first 3 quarters, Tesla said it produced 1.35 million cars. TESLA's full report for the year is being awaited on Tuesday.
A key contributor to BYD success has been BYD’s dedication to new energy vehicle production, with 3,045,231 units manufactured in 2023, presenting a year-on-year increase of 62.2%.
Notably, BYD’s commercial vehicle segment has played a pivotal role, recording sales of 11,511 units in 2023. This category encompasses electric buses, trucks, and other vehicles, experiencing a notable uptick of 88.2%. This growth in commercial vehicle sales outpaced the company’s overall sales growth.
Zooming in on the passenger car business, BYD’s sales in this segment reached 3,012,906 units in 2023, marking a year-on-year increase of 62.2%. A particularly noteworthy trend within this segment is the surge in sales of pure electric models, which totaled 1,574,822 units, indicating a robust year-on-year growth of 72.8%. Battery electric vehicle (BEV) sales have notably accounted for 52.3% of the total passenger car sales, underscoring the increasing consumer preference for electric mobility.
While plug-in hybrid models also exhibited substantial growth, their rate was slightly more moderate than pure electric vehicles. Sales for plug-in hybrid models in 2023 reached 1,438,084 units, reflecting a year-on-year increase of 52.0%.
BYD Group comprises four major automobile brands – BYD, Denza (a joint venture with Mercedes-Benz), FCB (focusing on off-road performance), and YangWang (a luxury brand with an average bicycle price of more than 150,000 USD).
BYD’s overseas electric vehicle sales demonstrated an outstanding trajectory, reaching a total of 242,766 vehicles sold in markets outside China in 2023. This staggering figure reflects a year-on-year increase of 334%, surpassing the company’s cumulative overseas sales for nearly two decades.
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