BYD of China dethroned Tesla as the EV leader in the fourth quarter, selling 526,409 all-electric vehicles compared to the American automaker’s 484,507 deliveries. In 2023, both companies sold more cars than they had projected, with BYD surpassing 3 million and Tesla selling 1.8 million.
With 942,651 vehicles sold, BYD experienced a record-breaking fourth quarter. Of them, 45% were plug-in hybrids (PHEVs) and 55% were battery electric vehicles (BEVs). Bear in mind the Chinese automaker stopped producing ICE automobiles in April 2022.
BYD sold 3,023,679 electrified cars overall in 2023, a 62% increase over 2022. Of the 1,574,804 units, around 52% (1,574,804 units) were BEVs. In 2023, Tesla shipped 1,808,581 EVs, a 38% increase from 1,313,851 the year before. Tesla continues to dominate in cumulative sales in 2023, but BYD is likely to surpass that too with the difference in BEV number being hardly around 14%.
Related: BYD and Tesla Commands One-Third of Global EV Market Share
The Chinese automaker’s tremendous growth in just around 15 years is simply incredible. Even while BYD has primarily expanded within its Chinese borders, the company is intensifying its efforts to rapidly expand into new international markets. According to analysts, the fact that BYD has been able to overtake Tesla highlights the difficulty legacy manufacturers in the US, Europe, Japan, and Korea are having in adjusting to the rapidly shifting demands of consumers for more affordable, intelligent electric vehicles.
Both Tesla and BYD have taken a global approach, extending their presence in numerous locations. With their global expansion strategy in full swing, these two automotive behemoths are set to engage in more fierce global competition.
Source: Car News China
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