BYD, the Chinese automotive giant, has surged ahead in the electric vehicle (EV) race, inching closer to potentially surpassing Tesla as the world's leading EV manufacturer. Notably, in the October-December 2023 period, BYD set a remarkable record by selling 526,000 electric vehicles, marking a significant milestone.
Throughout the entirety of 2023, BYD's sales exceeded 3 million units, encompassing both battery electric vehicles (BEVs) and plug-in hybrids. This achievement represents a substantial 62% increase from the previous year, demonstrating BYD's robust growth trajectory in the EV market. Specifically, the company sold approximately 1.6 million battery EVs and 1.4 million plug-in hybrid EVs.
In comparison, industry estimates indicate that Tesla sold around 483,000 electric vehicles in the October-December period and approximately 1.82 million units for the entire year 2023. This showcases the intense competition brewing between BYD and Tesla for dominance in the global EV market.
BYD's expansion efforts include plans to establish a manufacturing plant in Hungary, further solidifying its position in the automotive industry.
In parallel, the global passenger battery electric vehicle (BEV) unit sales witnessed a notable 29% year-on-year increase in the third quarter of 2023. Projections from Counterpoint Research suggest that annual BEV sales could nearly hit 10 million by the end of 2023. Among the top-selling BEV groups, Tesla, BYD Auto, and Volkswagen AG maintained their prominent positions.
China remains a dominant force in the global BEV market, accounting for 58% of market share, followed by the US at approximately 12%. Germany also experienced substantial growth, exceeding 60% annually, solidifying its position as the third-largest BEV market.
Senior analyst Soumen Mandal highlighted these statistics, showcasing the dynamic growth and shifting landscape within the global EV market, where BYD's remarkable sales figures indicate the intensifying competition in the industry.
(With Agency Inputs)
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