China’s BYD Surpasses Tesla Sales

China’s BYD , Surpasses Tesla Sales.
BYD became the largest electric vehicle
company in the world in Q4 2023, CNN reports. .
During the last quarter of the year, the
Chinese company, backed by Warren Buffett,
sold 525,409 battery electric vehicles (BEVs). .
Tesla only sold 484,507, although it was
still a record for Elon Musk's venture. .
However, when considering the year as a
whole, Tesla outpaced BYD with 1.8 million
BEVs sold, compared to 1.57 million for BYD.
However, when considering the year as a
whole, Tesla outpaced BYD with 1.8 million
BEVs sold, compared to 1.57 million for BYD.
The data means that the gap between
Tesla and BYD is narrowing.
In 2022, Tesla sold 400,000 more
units than its Chinese rival.
In 2023, the gap was only
at about 230,000 units. .
Beijing previously set a goal that 20% of new
vehicles sold each year in China would be new energy
vehicles (BEVs, plug-in hybrids, etc.) by 2025.
The country has already reached
that goal and would like new energy
vehicles to be "mainstream" by 2035.
Miao Wei, former minister of China’s Ministry of Industry
and Information Technology, expects new energy vehicles to make up 50% of the market by 2025 or 2026, CNN reports. .
China is now leading in production
and increasing its comparative edges,
banking on its massive domestic
market and the first mover advantage, Analysts from Natixis Asia,
a French investment bank,
via Nov. 2023 report