BYD beats Tesla for a second straight year after producing more than 3 million cars in 2023

2024-04-26 10:22:52

BYD said Monday it produced more than 3 million new energy vehicles in 2023, putting the Chinese electric car giant on track to surpass Tesla’s production for a second straight year.

Tesla released its full-year figures on Tuesday.

While surpassing the 3 million mark, BYD’s annual sales slightly missed CLSA’s expectations for 3.05 million vehicles.

BEIJING — BYD

 produced more than 3 million new energy vehicles in 2023, surpassing Tesla

’s production for a second straight year.

Tesla said Tuesday it produced 1.84 million cars in 2023. Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions in addition to battery-only powered cars.

While total production surpassed Tesla, BYD manufactured 1.6 million battery-only passenger cars and 1.4 million hybrids, putting Tesla on top for battery-only production.

Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30.

BYD shares fell by more than 2% in Hong Kong trading Tuesday morning.