Chinese electric vehicle giant BYD proudly reported its achievement of a 3 million sales milestone for its battery-powered and plug-in hybrid electric models in 2023, Reuters reports.
BYD’s NEV sales in 2023
According to BYD’s production and sales volume for December 2023, its new energy vehicle (NEV) sales reached a total of 3,024,417 units in the full year 2023. It indicates a notable year-on-year growth of 62.30%.
Its passenger vehicles contributed the majority of that sales to 3,012,906 NEVs, up 62.21% from just 1,857,379 units in the same period last year.
Of that total, battery-powered electric vehicles (BEVs) accounted for 1,574,822 units. It also reported a YoY sales growth of 72.84%.
Meanwhile, plug-in hybrids (PHEVs) enjoyed a 51.98% YoY sales increase to 1,438,084 units last year.
China’s dominance in the EV industry
NY Times reported that the China Association of Automobile Manufacturers forecasted that Chinese automakers’ NEV sales will reach approximately 9.4 million units, including EVs and hybrids, in 2023. It indicates a notable sales growth from just 6.9 million NEVs in 2022.
Even further, CAAM forecasts overall NEV sales to surge to 11.5 million units this year. All these are unsurprising, considering that the country is currently the largest EV market in the world.
It also dominates the electric vehicle and battery supply chain, including mineral mining and processing, robot development for factories, etc. In addition, the Chinese government’s strong support for the EV shift significantly aids local automakers in advancing in the global market.
BYD vs. Tesla
BYD may be ahead of Tesla in terms of overall NEV sales, considering its total of 3,024,417 units in 2023.
On the other hand, the Tesla Investor Relations-compiled consensus delivery estimate is 1,804,555 EVs.
However, it must be noted that BYD’s NEV portfolio includes a wide range of all-electric and plug-in hybrid models. In contrast, Tesla only sells pure electric vehicles.
Therefore, Tesla maintained its lead in the all-electric vehicle market with sales of more than 1.8 million units last year. Notably, it aligns with its self-set target of 1.8 million unit sales for 2023, with a more ambitious goal of 20 million EV sales by 2030.
It would be interesting to see how BYD and Tesla would fare in 2024. As they continue to compete for the top spot, they must also watch out for other legacy and startup brands aiming to dominate the rapidly growing EV market this year.
