2024-01-03 04:24:00
The Chinese BYD surpassed the American Tesla and became the largest electric car company in the world. The information was shared in the 2023 sales financial report.
According to data released to investors, BYD sold around 3 million battery electric and hybrid cars in 2023, the highest number ever recorded by the automaker.
In the fourth quarter, the Chinese company delivered 526 thousand vehicles, while Tesla manufactured around 484 thousand.
Although Tesla managed to surpass its goal of delivering 1.8 million vehicles per year, the company was unable to reach the extremely optimistic scenario of 2 million units projected by Elon Musk.
Still, Tesla generates more revenue and profit than the Chinese company by selling vehicles with higher prices, depending on two models for most of its sales (Model Y and Model 3).
According to market analysts, BYD’s rapid advancement has been due to its diversified vehicle portfolio, serving not only the high-end segment, but also the public that needs more affordable cars.
In total, the company sold 1.6 million fully electric vehicles and 1.4 million hybrids (battery and gasoline).
Another factor that weighs on BYD’s growth is the extensive Chinese market, which has been rapidly expanding the electrification of the fleet with tax incentives and price wars.
The automaker has also sought to expand its operations in markets such as Brazil and Europe, and this is positively reflected in the numbers when compared to Tesla, which depends heavily on the American and Chinese markets.
For 2024, BYD projects even greater growth and the company is expected to launch the Dolphin Mini in Brazil as its most affordable vehicle, in addition to investing in the construction of a local factory in Bahia.
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