After surpassing Tesla’s fourth-quarter production, BYD, a Chinese electric car manufacturer, may now be the largest producer of electric vehicles globally.
Although BYD sold more than 526,000 cars in the same quarter as Tesla, the latter manufacturer manufactured almost 484,000 units in the fourth quarter of 2023, up 19.5% from the same period the previous year. Only EV units are included in the sales figures. According to Axios, BYD has already eclipsed Tesla when plug-in hybrids are taken into consideration.
Whereas BYD has sold 1.6 million pure EV and 1.4 million hybrid EV vehicles, Tesla has reported selling 1.84 million pure EV vehicles.
By 2025, China wants its two largest electric vehicle manufacturers to account for 10% of their sales abroad. The country has not specified which businesses would be included in this target, but analysts predict that BYD would be among the top two due to its amount of production and sales, as reported by The South China Morning Post.
After surpassing Tesla’s fourth-quarter production, BYD, a Chinese electric car manufacturer, may now be the largest producer of electric vehicles globally.
Although BYD sold more than 526,000 cars in the same quarter as Tesla, the latter manufacturer manufactured almost 484,000 units in the fourth quarter of 2023, up 19.5% from the same period the previous year. Only EV units are included in the sales figures. According to Axios, BYD has already eclipsed Tesla when plug-in hybrids are taken into consideration.
Whereas BYD has sold 1.6 million pure EV and 1.4 million hybrid EV vehicles, Tesla has reported selling 1.84 million pure EV vehicles.
By 2025, China wants its two largest electric vehicle manufacturers to account for 10% of their sales abroad. The country has not specified which businesses would be included in this target, but analysts predict that BYD would be among the top two due to its amount of production and sales, as reported by The South China Morning Post.
Car prices, according to European Commission President Ursula von der Leyen, are “artificially low” because of government subsidies.
Rising Chinese manufacturers have Europe as their main goal. By 2030, BYD wants to sell 800,000 units a year in Europe alone, so it plans to construct a new facility in Hungary and start selling three more models there, according to The Guardian.
A few major setbacks for Tesla also occurred, such as the recall of just over 2 million American cars equipped with driver assistance systems to add additional safety measures.
As long as tariffs and trade restrictions are in place, the largest electric vehicle manufacturer won’t have to worry about competition from Chinese rivals in the United States, which might also add to the company’s tight concentration on European markets.
Notwithstanding its achievements, BYD’s stock dropped over 24% in 2023. This price drop began in mid-November and has been more rapid since then because of price reductions, increased competition, and doubts about the company’s capacity to hit sales goals, according to Automotive News Europe.