BYD’s electric vehicle sales have seen a 50% rise in January after surpassing Tesla in the final quarter of 2023.
BYD EV sales momentum continues in January
Last month, BYD managed to sell 105,304 fully electric cars, which represents a 48% growth from the previous year’s 71,338. Moreover, production activity was also significantly increased, with a 64% year-over-year growth, marking 114,365 EVs built last month.
A noteworthy trend is that sales of all-electric vehicles are beginning to outpace plug-in hybrids (PHEVs) at BYD. Specifically, BYD’s PHEV sales were up 21% to 95,715 last month, with a production increase of only 9% to 90,749 units.
Having sold close to 1.6 million EVs in 2023, BYD is also expanding overseas. The company set a record of delivering 36,174 vehicles overseas in January.
In the final three months of 2023, BYD topped Tesla’s 484,507 deliveries for the EV sales crown with 526,409 EVs sold. As Tesla doesn’t report monthly figures, a comparison will only be possible once the first quarter results are released.
Reports from BYD’s general manager of branding and public relations, Yunfei Li, have revealed that “Tesla is our very respected industry peer. It is also our client.”
BYD is known for its low-cost EVs like the Dolphin electric hatch and Atto 3 SUV, and its expansion is not only limited to new segments and markets.
Furthermore, BYD recently revealed its premium Yangwang U7 electric sports sedan with over 1,000 hp and a starting price tag of over $140,000 (1 million RMB). The company also launched a 1,200 hp U8 off-roader that costs around $150,000 under its luxury Yanwang brand.
Additionally, the brand introduced various-sized electric SUVs, including the Sea Lion 07, Song L, and Yuan Up, which will compete with Tesla’s best-selling Model Y.
Electrek’s Take
Based on BYD’s general manager, Yunfei Li’s explanation, the focus is not on competition, but on a collective effort to transition the auto industry for a sustainable future.
BYD is collaborating with major automakers like Tesla, Volkswagen, Hyundai, Ford, BMW, among others, to increase the share of EVs on the road, as it aims to grow the electric vehicle “cake.”
The EV leader is also gaining market share in countries like Thailand, Brazil, and Colombia, and recent launches in Mexico, India, Australia, Indonesia, and Europe are likely to drive sales this year.
Moreover, BYD is expanding overseas and has already commenced shipping its own EVs with its first ship, the BYD Explorer No. 1, bound for Europe. This ship can carry up to 7,000 vehicles as BYD continues to grow internationally.
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