BYD challenges Tesla with record EV sales in Q4 2023
Chinese car manufacturer BYD made waves in the electric vehicle (EV) market by selling a record-breaking 526,409 EVs in Q4 2023. This challenges US-based Tesla's position as the world's top EV seller. Analysts predict Tesla's sales figures, set to be released tomorrow, to be around 483,200 units. BYD's impressive sales were boosted by end-of-year discounts, helping the company reach a total of 3.01 million units sold in 2023.
BYD's rapid growth and global expansion
BYD's 2023 sales figures nearly equaled its combined EV and hybrid sales from the past five years. The Shenzhen-based company, which aimed for three million annual sales, skyrocketed into the top 10 global car sales rankings for the first time. As part of its ambitious international expansion, BYD selected Hungary over other European nations for its first European production line, creating thousands of jobs and manufacturing EVs and plug-in hybrids for the Old Continent.
China's new-energy vehicle market outlook
China's new-energy vehicle retail sales grew by 36.5% year-on-year, reaching around 7.75 million units in 2023, as per estimates from the country's Passenger Car Association. This growth persists despite an anti-subsidy investigation into Chinese EVs by the EU. In contrast, Tesla sparked a price war in late 2022 that continued into 2023, causing its shares to soar by 130% last year. Around the same time, BYD's shares dropped nearly 24% due to competitive pressures and concerns about meeting sales targets.
