BYD, the Chinese electric vehicle giant, stole the show in the last three months of 2023 by selling more electric vehicles than Elon Musk's Tesla.
Breaking records, BYD proudly announced the sale of a whopping 526,000 battery-only vehicles in the final quarter of the year. This marked the first time BYD outpaced Tesla in quarterly battery-only sales, highlighting a significant achievement.
December proved to be a stellar month for BYD, with a remarkable 45% increase in sales, totalling 341,043 units. This outstanding performance contributed to the impressive annual sales figure of 3,024,417 vehicles, showcasing a substantial 61.9% surge from the previous year.
For the entire year, BYD not only exceeded its 3 million annual sales target but also claimed the title of the global new energy vehicle (NEV) sales champion for the second consecutive year. In a historic achievement, BYD secured a spot among the global top 10 car sales, solidifying its dominance in the Chinese market as the best-selling car brand and manufacturer.
BYD's success is attributed to its roots in battery manufacturing, allowing cost savings and flexibility, which proved crucial in sharply cutting prices at the end of 2023.
While Tesla had a strong year overall, selling a record 484,500 electric vehicles in the last quarter and 1.8 million for the entire year, BYD's quarterly triumph added a thrilling twist to the competition.
Tesla's end-of-year performance exceeded analysts' expectations, with a 20% sales increase from the same period in 2022. Despite this, it fell short of Elon Musk's ambitious target of two million deliveries in 2023, leading to repeated price cuts in an attempt to attract buyers.
BYD's milestone is a reminder of the fierce competition in the electric vehicle market and the challenges faced by industry pioneers.