BYD has not secured the position as the world’s largest pure EV manufacturer but entered the top 10 list of the highest-selling carmakers
A company filing suggests that the American automaker, Tesla, distributed 4,84,507 vehicles during the final quarter of 2023 with an increase of over 11 percent compared to the previous quarter. During the same period, China’s BYD posted 5,26,409 units and snatched the crown from Tesla as the largest seller of electric vehicles in the world.
BYD, which was once dismissed by Elon Musk in a 2011 Bloomberg TV interview as a formidable competitor, has now become the leading producer of BEVs globally. The company fell only 3,456 units short of Tesla’s sales figures in the third quarter. The recent achievements underscore a noteworthy milestone for BYD, which has achieved remarkable feats over the last half a decade.
Not only has BYD secured the position as the world’s largest pure EV manufacturer, but it has also entered the top 10 list of the highest-selling car manufacturers in the world. BYD achieved sales of over 4,00,000 plug-in hybrid electric vehicles in the fourth quarter alone. Over the course of the entire year, the company recorded sales of more than three million PVs.
BYD is positioned above Suzuki and falls behind traditional carmakers like Ford, Honda, General Motors, Renault-Nissan-Mitsubishi alliance, Stellantis, Hyundai, VW and Toyota. The substantial growth in sales for BYD can be attributed to generous government subsidies in China. Additionally, the company’s vehicles hold a significant cost advantage over competitors, further contributing to its success.
On an annual basis, Tesla retained its position as the leading EV seller with over 1.8 million vehicles delivered by December. This significantly surpassed BYD’s sales figure, which stood just below 1.6 million. BYD’s adoption of a strategy involving price cuts is demonstrating its effectiveness.
Tesla implemented increased discounts and introduced incentives such as six months of complimentary fast charging for customers who completed their deliveries by the end of December. It set a new record by manufacturing 4,94,989 vehicles in the quarter, rebounding from a production halt in Q3 with an aim to upgrade assembly lines. This brought the total production for the year 2023 to 1.85 million units.