BYD is confidently increasing its lead over Tesla and other electric car manufacturers – by the end of 2023, the Chinese auto giant sold about 3.02 million new cars, which is a solid 61.9% higher than the result of 2022. Of these, 1.6 million are pure battery electric vehicles (BEVs), and the rest are plug-in hybrids PHEVs.
In December alone, BYD shipped 340,178 vehicles, including 190,754 all-electric models, and total BEV sales for the final quarter of 2023 amounted to 526,409 units. This means that BYD has, as expected, overtaken Tesla and become the new world leader in electric vehicle sales. According to preliminary estimates by analysts, in the last quarter Tesla shipped about 480 thousand cars to customers (for the entire 2023 – the target 1.8 million units), and produced a little more than 500 thousand. At the same time, 97% were the younger Model 3 models and Model Y.
Tesla's official report is only a few hours away, but margins are typically 1-2%, so it's a safe bet that BYD overtook Tesla last quarter and will likely remain #1 throughout 2024. This is the first time Tesla has lost its leadership in the electric car segment at the end of the quarter, and if we take into account hybrids, BYD has held the lead since the third quarter of 2021. Not the least role in this was played by the fact that BYD stopped producing cars with internal combustion engines in 2022, and now offers half a dozen mass-produced and well-balanced models, much cheaper than Tesla’s offers.
Dynamics of sales of BYD electric cars over the previous 6 years
As mentioned in the previous article, China is now the largest market for electric vehicles (sales of new electric vehicles rose 40% year-on-year to 7.75 million units, according to a December estimate from the China Association of Automobile Manufacturers) and is exporting more vehicles. than any other country. At the same time, BYD, the largest Chinese manufacturer, is projected to be among the top 10 largest automakers at the end of 2023.
10 largest automakers based on the results of 2023
And while the EU sees Chinese electric cars as a threat to its own auto industry and is conducting an anti-subsidy investigation that risks escalating into a trade war between the EU and China, similar to the confrontation between the US and China, market leader BYD continues its aggressive expansion in the EU and plans to build in Hungary has a new plant for the production of electric vehicles. BYD is also preparing new third-generation electric vehicles for 2024, which will differ primarily in the latest technologies, including autonomous driving systems. Meanwhile, Geely, China's second-largest automaker by sales, plans to sell 1.9 million cars in 2024 (in 2023, the company's sales increased by 18%, to 1.69 million cars).
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It is expected that by the end of 2023, global sales of new electric cars (“pure” BEV + PHEV hybrids) will amount to 14-15 million – against 13.75 million in 2022. And their share in the total volume will increase to 7% versus 1% in 2020.
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