China-based carmaker BYD has surpassed Tesla Inc. by volume of electric vehicles produced and become the international leader in this market segment.
CarNewsChina warns that this is only valid for the final three months of 2023: Tesla remains the absolute leader if you compare annual production figures. That said, BYD seems poised to retain the lead moving forward.
The past quarter has been record-breaking for the Chinese corporation, with whopping 942,651 cars assembled from October to December. Out of these, 526,409 were battery-electric – twice as many as in Q1. Tesla lagged behind with 484,507 EVs made in Q4.
Elon Musk’s company still managed to move 1,808,581 EVs last year. BYD has sold 3,023,679 cars over the same period, out of which 1,574,804 were EVs and the rest were hybrids. BYD stopped making ICE cars in 2022.
The new year promises to be lucrative for BYD, which plans to expand its product lineup across multiple sub-brands such as Yangwang and Fang Cheng Bao. The company is also making every effort to conquer international markets in Europe and overseas. BYD EVs are already being sold in Brazil, Israel, Thailand, Uzbekistan and some European countries, with Kazakhstan slated to be next. Last but not least, the automaker plans to launch several factories abroad to facilitate production and logistics.