BYD tops Tesla in Q4 2023 EV sales

BYD (Build Your Dreams), a leading Chinese electric vehicle manufacturer, has achieved a milestone by outselling Tesla in the final quarter of 2023, which hints at the growing influence of the Chinese giant in the market.

Founded in 1995 in Shenzhen, BYD initially specialized in battery design and manufacture before entering the automotive field in 2003. BYD's initial works, particularly in electrifying the city's public bus fleet, became a good starting point for its current success in the EV market. 

With over five million new energy vehicles produced in the previous year, BYD has established itself as a prominent name in the field, known for supplying batteries to leading automakers like Tesla, BMW, Mercedes, and Audi. Chinese government support, including investment in subsidies and tax incentives for electric vehicles, has helped in BYD's growth, allowing the firm and other Chinese companies to produce affordable and efficient EVs.

During the last quarter of 2023, BYD reported sales of 526,409 all-electric cars, beating Tesla's sales of 484,507 for the same period. One factor contributing to BYD's sales success may be its pricing strategy, which is generally priced below $30,000 USD, while Tesla's average price is higher. BYD's sales also include over 400,000 plug-in hybrid electric vehicles.

In 2022, BYD stopped producing gasoline-powered vehicles, focusing primarily on hybrid and electric models. The company's international expansion continued with its participation in the 2022 Paris Motor Show and the recent announcement of a new EV plant in Hungary, aiming to enter the European market. 

Despite its dominance in China, BYD faces competition from other domestic brands such as XPeng, Nio, and Geely. 

Globally, BYD's sales have surged with a 334.2 percent increase in exports in the past year, reaching over 70 countries across six continents. In the Philippines, BYD, under the distributorship of AC Motors, Ayala Corporation's automotive division, has also caught success with models like the Dolphin and Atto 3 crossover EV.

Given BYD's successful quarter in EV sales, will Tesla be able to reclaim its leading position? For further updates on these and other car brands, follow along for the latest news.