BYD Produced 3 Million New Energy Vehicles in 2023, Challenging Tesla’s Dominance

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Chinese electric car giant BYD announced on Monday that it produced over 3 million new energy vehicles in 2023, setting the stage to outpace Tesla’s production for a second consecutive year.

While Tesla had not disclosed full-year figures by Tuesday in Asia, it revealed producing 1.35 million cars in the first three quarters of 2023. In 2022, BYD had already surpassed Tesla’s production with 1.88 million vehicles.BYD’s new energy vehicles include both battery-powered and hybrid models, with most of its cars falling in a lower price range than Tesla’s offerings.

Unlike Tesla, BYD sells hybrid versions alongside purely battery-powered cars. Tesla, led by Elon Musk, exclusively sells battery-powered vehicles, and China constitutes around one-fifth of its sales.Despite surpassing the 3 million mark, BYD’s annual sales slightly missed CLSA’s expectations of 3.05 million vehicles.

The company reported selling 3.02 million new energy vehicles in 2023, comprising 1.6 million battery-only passenger cars and 1.4 million hybrids.

Source: CNBC

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