BYD sells over 3 million NEVs in 2023, electric car sales close gap to Tesla

Chinese automaker BYD has concluded 2023 with record-breaking sales, which surpasses the 3 million annual sales target and retains its position the global new energy vehicle (NEV) sales champion, for the second year in a row. This year also marks BYD being listed among the global top 10 of car sales for the first time. In the Chinese market, BYD retained its position as the best-selling car brand and manufacturer.

December saw sales of 341,043 units, a 45% increase, culminating in a total of 3,024,417 vehicles sold throughout the year, a substantial 61.9% surge from the previous year.

In 2023, BYD expanded its international market presence, with exports growing by 334.2% on a low year-ago base to 242,765 units and its reach across over 70 countries on six continents.

In 2023, BYD completed its brand matrix, including the Dynasty series, Ocean series, Denza, Fangchenbao, and Yangwan. BYD at present has one of the most extensive portfolios in the global new energy sector.

The Dynasty and Ocean series achieved impressive sales of 2,877,353 units, marking a 55.3% increase over CY2022. The Denza brand sold 127,840 units in 2023, with the Denza D9 emerging as the MPV sales best-seller.

Yangwan and Fangchenbao, both launched in 2023 and initiated deliveries in November, received strong market responses. While the Yangwan U8 emerged as a top seller in the million-level NEV segment, while the Bao 5 established a strong foothold in the off-road segment.

BYD’s electric car sales close gap to Tesla

Meanwhile, BYD outsold its American rival on EVs during the final quarter of 2023, narrowing its gap to EV market-leader Tesla, selling almost 1.6 million electric cars globally. The Chinese giant's total EV sales volume of 1,574,822 units was a 13% shortfall on its American rival's tally of 1,808,581 units. It was also a 73% improvement on BYD's 2022 result of 911,140 EVs.

Although BYD failed to meet Tesla’s full-year result, it did emerge victorious in the final quarter of 2023, with 526,409 sales to 484,507 units.

BYD’s advantage over Tesla in India

Tesla has been wooing the Indian Government for a number of years trying to establish a presence here. BYD, on the other hand, entered the Indian market in 2021, and currently has the Atto 3 SUV and e6 MPV on sale at the moment. Tesla's potential entry into the Indian market entails a significant commitment, with the US-based EV giant planning a minimum investment of USD 2 billion (approximately Rs 16,665 crore) for setting up a manufacturing plant, pending government approval. Sources suggest that an official announcement regarding Tesla’s substantial investment is anticipated at the upcoming Vibrant Gujarat Global Summit scheduled from January 10-12, 2024.

Tesla has ambitious plans to increase its purchase of Indian auto parts to USD 15 billion (about Rs 1.2 lakh crore) during this year. This development comes at a time when BYD India has secured the fourth position in total sales in the market, marking a significant 341 percent year-on-year growth and a commendable 2.43 percent market share. 

With inputs from Charlie Martin, Autocar UK

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