Chinese carmaker BYD (BYDDF) has emerged as the world's largest carmaker, with sales for the fiscal year 2023 surpassing 3 million units. This achievement places BYD ahead of its main rival Tesla, as well as other domestic carmakers such as Li Auto, XPeng, and Nio.
BYD, which stands for Build Your Dreams, sold 341,043 EVs in December, which pushed its 2023 total sales to 3.02 million, whereas Tesla's sales stood at 1.84 million for the same period.
The Warren Buffet-backed company produces both hybrid and electric cars. It delivered 526,409 electric vehicles to customers between October and December, while Tesla delivered 484,507 electric vehicles during the same period.
BYD's brand sales reached 321,570 units in December, with its premium brands also experiencing significant growth. Denza sold 11,929 units, and the brand-new Fangchengbao sold 5,086 Bao 5 off-road vehicles. The super-premium Yangwang recorded 1,593 U8 off-road vehicle sales.
In December, Li Auto's EV sales increased by 137% from the previous year to 50,353, while XPeng delivered 20,155 EVs, marking a 78.1% increase from the previous year. Nio sold 50,045 EVs in the fourth quarter, surpassing its target of 47,000-49,000.
The surge in EV sales reflects the growing demand in China. The government has set a target that at least 20% of newly sold cars annually in China should be new energy vehicles by 2025. Additionally, it plans to make electric cars the "mainstream" of new car sales by 2035.
BYD, known for offering EVs at lower prices, has established a strong presence in the Chinese market. The company is now expanding its reach by selling cars in the UK and Europe. Last month, it announced plans to open its first European plant in Hungary.
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