Chinese company BYD sells more electric vehicles than Elon Musk’s Tesla

In the final quarter of 2023, Chinese company BYD emerged as the leading seller of electric vehicles, outpacing Elon Musk’s Tesla in a competitive race for dominance in the industry.

On Monday, BYD announced a new milestone achievement of selling 526,000 battery-only vehicles in the final quarter of 2023.

It was a significant milestone for the company, as it was the first quarter that its sales of battery-only vehicles surpassed those of Tesla. However, the US-based company has been experiencing a decline in demand due to rising borrowing expenses.

However, for the whole of 2023, Mr Musk’s Tesla still sold more.

According to a press release on Tuesday, Tesla reported delivering a total of 484,500 electric vehicles in the last quarter of 2023 and a yearly total of 1.8 million.

The final quarter’s results exceeded analysts’ expectations, with a 20% increase in sales compared to the previous year and improved momentum from earlier in the current year.

Unfortunately, it did not meet the initial expectations. Back in January, Mr. Musk had stated that Tesla had the capability to reach two million deliveries by 2023.

The company continuously lowered prices in an attempt to attract potential buyers.

BYD’s rapid advancement serves as confirmation of the intensifying competition in the electric vehicle industry, making it difficult for Tesla to regain its leading position.

Throughout the year, BYD from Shenzen achieved sales of over 3 million so-called-new energy vehicles (NEVs), encompassing electric cars and hybrids.

According to the firm, approximately 1.6 million of its overall sales consisted of solely battery-powered vehicles.

Wang Chuanfu, along with his cousin, founded BYD in Shenzhen back in 1995.

The company gained recognition for producing rechargeable batteries, which were utilized in smartphones, laptops, and other electronic devices. These batteries proved to be a competitive alternative to the higher-priced Japanese imports.

In 2002, the company began trading its shares on the stock market. In addition, it expanded its portfolio by acquiring Qinchuan Automobile Company, a struggling state-owned car maker.

BYD has counted veteran US investor Warren Buffett’s Berkshire Hathaway as a shareholder since 2008.

According to analysts, BYD’s expansion can largely be attributed to its initial focus on batteries, which are a costly component of electric vehicles. By producing them internally, BYD is able to save a significant amount of money.

Several of BYD’s rivals depend on external manufacturers for their battery supply.

Thanks to BYD’s battery business, the company was able to significantly reduce prices as 2023 came to a close. This resulted in a surge in sales, with December alone seeing a whopping 70% increase.