In a surprising turn of events, BYD Auto outpaced Tesla in electric vehicle (EV) sales during the final quarter of 2023. BYD sold a remarkable 526,409 EVs, surpassing Tesla’s tally of 484,507 units. Despite this, Tesla maintained its lead for the entire year, selling 1.8 million units compared to BYD’s 1.6 million, resulting in a year-on-year growth of 73 percent for BYD.
BYD’s Expanding Portfolio and Global Presence
Throughout 2023, BYD witnessed substantial growth, particularly with its Dynasty range and Ocean series, achieving a 55.3 percent increase in sales, totaling 2,877,353 units. Notable additions to their lineup, such as the Yangwan and Fangchenbao in November 2023, garnered positive market responses. The company solidified its position as a key player in the global new energy sector, establishing a presence in over 70 countries across six continents.
BYD’s Global Top 10 Listing
In a significant milestone, 2023 marked the first time BYD secured a spot among the global top 10 in terms of car sales, reaching a total of 3,024,417 units sold. International market expansion was a notable achievement, with exports soaring by 334.2 percent, amounting to 242,765 units.
BYD’s Strong Foothold in India
BYD’s success extends to the Indian market, where it has outperformed Tesla. Having entered the Indian market in 2021, BYD currently offers the Atto 3 SUV and e6 MPV. While Tesla is negotiating its entry into India with a minimum investment of USD 2 billion, BYD has already secured the fourth position in total sales, boasting a remarkable 341 percent year-on-year growth and a commendable 2.43 percent market share.
Tesla’s Ambitions in India
Tesla’s efforts to establish a presence in India involve considerable commitments, with plans to invest USD 2 billion and an ambitious goal to increase the purchase of Indian auto parts to USD 15 billion in the coming year. An official announcement regarding Tesla’s investment is expected at the upcoming Vibrant Gujarat Global Summit scheduled from January 10-12, 2024.
In summary, BYD’s outstanding performance in 2023, both globally and in India, positions it as a formidable competitor in the EV market, challenging even industry giants like Tesla.
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