BYD inches closer to overtaking Tesla as world’s top electric car company
CNN
BYD says it has sold a record number of electric vehicles (EV) in 2023, as it moves closer to displacing Tesla as the world leader in the competitive industry.
China’s BYD sold a record number of cars in 2023, moving it closer to displacing Tesla as the world market leader for electric vehicles. The Chinese company posted a 62% surge in global sales to just over three million units last year, compared to 2022, according to a stock exchange filing. BYD sold 1.57 million battery electric vehicles (BEVs) last year, up 73%, as well as 1.44 million hybrids, 52% higher than the previous year. Tesla (TSLA) is due to unveil its full-year sales figures as early as Tuesday. Analysts expect the US EV maker to have roughly met its annual delivery target of 1.8 million BEVs. It does not sell hybrids. In 2022, BYD trailed Tesla in global BEV sales by about 400,000 units. The gap is expected to have narrowed last year. And in the most recent quarter, BYD may have already overtaken Elon Musk’s company. In the fourth quarter, BYD sold 526,409 BEVs, up more than 20% from the third quarter. Tesla is likely to have delivered 473,000 units in the same quarter, according to a poll of 14 analysts cited by Reuters.
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