China is a very important market for electric cars and BYD sells a lot of them there. Tesla sells a lot of cars in China. Around one-fifth of its sales in the most recent quarter were in China.
In a big success, the Chinese electric car company BYD Co Ltd said on Monday that it made over 3 million new energy vehicles in 2023, aiming to make more cars than Tesla Inc for the second year in a row.
BYD versus Tesla’s production numbers
Even though Tesla hasn’t shared its full-year numbers for 2023 yet, this achievement shows that BYD is doing well in the global Electric Vehicle market. Tesla, a big name in the electric car industry, said that it made 1. 35 million cars in the first nine months of 2023. In comparison, BYD made more cars than Tesla. In 2022, BYD made 1. 88 million cars and over 3 million cars in 2023.
One big difference between BYD and Tesla is the products they sell. BYD makes cars that are usually cheaper than Tesla’s cars. They also have hybrid versions. Elon Musk’s company sells only cars that run on batteries, but BYD’s hybrid models seem to be popular with more types of customers.
In 2023, BYD sold 3. 02 million new energy vehicles. Of those, 1. 6 million were electric cars and 1. 4 million were hybrid cars. The company stopped making cars that only run on gasoline or diesel in March 2022.
Even though BYD didn’t sell as many cars as CLSA expected, they made a lot of money, especially in the second quarter. They sold almost twice as many electric cars as they did last year.
Analysts say that BYD is focusing on selling cars to a lot of people, which is a market that Tesla might have trouble reaching, at least for now. With most of BYD’s cars being cheaper, the company is in a good position to benefit from the increasing demand for electric cars, especially in China, where it is already the leader in the electric vehicle industry.
China’s increasing market for cars that run on electricity.
China is still an important market for electric cars, and a big part of the electric cars sold there are made by BYD. Tesla sells a lot of its cars in China, making up about 20% of its sales in the last three months. This shows that Chinese companies are very powerful in making electric cars.
BYD’s success is a big part of the growing popularity of electric cars in China. Other companies like Li Auto Inc, Xpeng Inc, Huawei, and Zeekr are also doing really well. Li Auto delivered over 50,000 cars in December, which is 182% more than last year. In the same way, Xpeng said they sold 17% more cars in 2023 than the year before, with a total of 141,601 cars delivered.
However, BYD wants to sell more than 242,000 new energy cars in other countries in 2023, not just in China. The company said it will make a new production center in Hungary to show that it wants to grow and sell more things all over the world. BYD currently has five different types of cars that it sells in Europe. They also have plans to introduce three more new models in the next year.