Tesla’s reign as the top electric vehicle maker has ended. For the second year running, Chinese company BYD has seized the EV crown based on new sales figures.
BYD recently announced they produced over 3 million electric vehicles in 2023. Tesla’s figures for the first 3 quarters only hit 1.35 million. Last year, BYD sold 1.88 million while Tesla managed 1.37 million. So BYD is accelerating away.
What’s fueling this surge? Mainly BYD’s more affordable EV prices, averaging around $27,000 versus Tesla’s $45,000. This matters to buyers, especially with economic uncertainty.
The sales trends speak volumes. BYD’s overall vehicle sales jumped 61% in 2023, showing the shift to EVs is accelerating globally. Focusing just on passenger cars, BYD’s EV sales skyrocketed almost 73% while hybrid sales grew a more modest 52%.
Nearly 52% of BYD’s passenger car sales are now pure battery electric models rather than hybrids. People want to go all-electric.
On the commercial vehicle side – think electric buses, trucks, etc – BYD’s sales grew 88%. So EVs are taking over business and consumer transportation.
Internationally, BYD’s growth is astounding too. Their overseas EV sales leaped 334% in 2023, though China remains their largest market.
In batteries, BYD now holds the #2 global production capacity behind Chinese giant CATL. No longer just a vehicle maker, they’re becoming a true battery powerhouse.
Started in 1995, BYD has grown methodically into an EV empire spanning cars, buses, trucks, batteries and more. While Tesla obsesses over robotaxis and AI, BYD focuses on practical EVs today’s buyers can actually afford.
This classic tortoise vs hare story shows flashy doesn’t always win the race. BYD’s formula of affordability, quality and focus is proving hard to beat. The EV crown now sits in China as BYD leads the global march toward electric.
