He Chinese automaker BYD surpassed its American rival tesla by delivering more electric vehicles worldwide in the fourth quarter of 2023, a first position that it will maintain, according to analysts, thanks to the strong support of the Chinese authorities.
The American producer, directed by the billionaire Elon Musk, manufactured 484,507 vehicles in the fourth quarter of 2023, according to a company statement issued this Tuesday, which represents an increase of more than 11% compared to the previous quarter. However, that growth was not enough to maintain Tesla’s crown as the world’s leading producer and seller of electric cars, as BYD reported on Monday sales of 526,409 units in the same period.
BYD (“Build Your Dreams” or “Build your dreams” in Spanish) is one of the most prominent electric vehicle brands in China. The group will stop producing cars with combustion engines in 2022 to concentrate on hybrid and electric models.
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The Chinese giant delivered 526,409 electric vehicles between October and December 2023, according to calculations made by AFP based on data published in BYD press releases. However, for the year as a whole, the American group maintained its first place with 1.81 million vehicles delivered worldwide (+38% year-on-year), while BYD delivered 1.57 million vehicles to its owners (+73% year-on-year). %).
FactSet analyst consensus is for 2.1 million Teslas delivered through 2024. “BYD has a structural advantage to the extent that its expansion is supported by very strong support for electric vehicles from the Chinese government,” Neil Saunders, director of Globaldata, explained to AFP. “This is helping to boost domestic demand, which in turn strengthens BYD’s position in the export market,” he added. Of course, he said, although Tesla “continues to lead the electric vehicle market, next year it will have to face much greater competition from China.”