China’s BYD gears up to topple Musk’s Tesla as world’s top EV maker

It sold about 1.6 million battery EVs and about 1.4 million plug-in hybrid EVs.

New Delhi: Chinese automotive giant BYD has moved one step closer to topple Elon Musk-run Tesla as the world’s top EV manufacturer, after the Shenzhen-based company sold a record 526,000 electric vehicles in October-December 2023.

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For the entire year, BYD sold more than 3 million battery electric vehicles (BEVs) and plug-in hybrids, it announced.

Overall, the Chinese company sold about 3.02 million vehicles in 2023, an increase of about 62 per cent from the year prior.

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It sold about 1.6 million battery EVs and about 1.4 million plug-in hybrid EVs.

In comparison, Tesla sold around 483,000 electric vehicles in the October-December period and 1.82 million for the entire 2023, according to industry estimates.

BYD last year announced plans to build a manufacturing plant in Hungary.

Meanwhile, the global passenger battery electric vehicle (BEV) unit sales increased by 29 per cent (year-on-year) in the third quarter (July-September period) this year.

The annual BEV sales are expected to reach almost 10 million in 2023, according to Counterpoint Research.

Tesla, BYD Auto and Volkswagen AG were the top-selling BEV groups.

“China still holds 58 per cent of the global BEV market, with the US taking around 12 per cent. Germany, the third-biggest BEV market, also grew more than 60 per cent annually,” said senior analyst Soumen Mandal.

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