China’s BYD , Surpasses Tesla Sales.
BYD became the largest electric vehicle company in the world in Q4 2023, CNN reports.
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During the last quarter of the year, the Chinese company, backed by Warren Buffett, sold 525,409 battery electric vehicles (BEVs).
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Tesla only sold 484,507, although it was still a record for Elon Musk's venture.
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However, when considering the year as a whole, Tesla outpaced BYD with 1.8 million BEVs sold, compared to 1.57 million for BYD.
However, when considering the year as a whole, Tesla outpaced BYD with 1.8 million BEVs sold, compared to 1.57 million for BYD.
The data means that the gap between Tesla and BYD is narrowing.
In 2022, Tesla sold 400,000 more units than its Chinese rival.
In 2023, the gap was only at about 230,000 units.
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Beijing previously set a goal that 20% of new vehicles sold each year in China would be new energy vehicles (BEVs, plug-in hybrids, etc.) by 2025.
The country has already reached that goal and would like new energy vehicles to be "mainstream" by 2035.
Miao Wei, former minister of China’s Ministry of Industry and Information Technology, expects new energy vehicles to make up 50% of the market by 2025 or 2026, CNN reports.
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China is now leading in production and increasing its comparative edges, banking on its massive domestic market and the first mover advantage, Analysts from Natixis Asia, a French investment bank, via Nov.
2023 report
