This challenges perception of absolute dominance in the electric vehicle marketwhich had justified Tesla valuations much higher than $1 trillion.
In the last quarter of 2023, Tesla delivered 484,507 cars, setting a record for the company and an increase of 19.5% compared to the previous year. In total, during 2023, Tesla sold 1.81 million units, which represents an increase of 38% compared to 2022.
It turns out that, during that same period of time, BYD delivered a total of 526,409 cars, securing its leading position in the tableeven though Tesla exceeded expectations with the delivery of 484,507 vehicles.
This trend had already been anticipated by Ambit in November, when the Chinese manufacturer was about to surpass Tesla in sales. Now, a month later, the Chinese brand has taken over its only competition.
BYD: its rise in the electric car market
According to the Hong Kong newspaper South China Morning Post, BYD specializes in vehicles that cost around 100,000 yuan ($14,101, 12,871 euros), while Tesla targets the premium segment with prices starting at 259,900 yuan ($36,650, 33,451 euros).
Independent analyst Gao Shen, quoted by the aforementioned newspaper, stated: “BYD’s sales benefited from greater demand for electric vehicles in China and discounts offered to local buyers. This new achievement as the world’s largest electric vehicle manufacturer “puros will strengthen its global position in the transformation of the automotive industry.”
Currently, two out of every five vehicles sold in China are electric, representing 60% of total sales worldwide.
According to estimates by Swiss bank UBS, by 2030, three out of every five new vehicles sold in China will be powered by batteries instead of fossil fuels.
BYD, a leader in the Chinese electric vehicle sector, celebrated the production of its six millionth plug-in vehicle in November. In addition, it announced that sales of all its vehicles increased almost 62% year-on-year during 2023, exceeding 3 million units.
In 2022, the company stopped production of combustion engine models to focus exclusively on what in China is called “new energy vehicles.”
In addition to its presence in China, BYD has been investing significantly in Latin America. It recently confirmed an agreement to build a complex of three factories in Brazil and also has a presence in the Spanish market.
Source: Ambito
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