BYD sold over 3 million EVs in 2023 with a record 62% yearly increase

Chinese electric vehicles (EVs) seller BYD said on Monday that it sold over 3 million EVs in 2023, it’s the company’s largest-ever sales record harnessing the moment of growth in the Chinese EV industry.

BYD reported 3.01 million units shipments in total for the past year in a head-to-head fight against EV giant Tesla that continued through 2023.

The EV maker sold three million battery-powered vehicles including 1.6 million fully electric and 1.4 million hybrid vehicles. This also markets a record 62% year-on-year increase in deliveries.

With these numbers, BYD generated $1.5 billion in profit in the first half of 2023.

BYD Han

Q4 and beyond:

The closing quarter of the year has been quite attentive, BYD registered 526,409 fully electric vehicles in the fourth quarter of 2023. This figure consists of 340,178 EVs and Hybrids as well as 190,754 all-electric cars.

BYD achieved these numbers with year’s end offers and discounts to cut through rivals and contribute more sales to the year’s end total.

In November BYD advertised discounts on five models at upto 18,000 yuan ($2,550). Tesla is leading this category with more price reductions than any other car maker in China.

Meanwhile, the Chinese automakers are likely to sell about 9.4 million electric vehicles and hybrids in 2023 and forecast to ship 11.5 million vehicles in 2024.

BYD is also working on expanding its global footprint with more global manufacturing plants. Last month, the company announced a new EV manufacturing plant in Hungary as a center of its European production operations.

BYD says it has progressed well in launching its passenger car operations in Europe. Within the first year, it created a chain of 230 retail stores across 19 countries and launched five new models – BYD Han, Tang, Atto 3, Seal, and Dolphin.

The carmaker also planned to launch three new models within the next 12 months.

(source – NYTimes)