It’s official. BYD has emerged as the world’s top-selling maker of battery electric vehicles (BEVs), displacing Tesla from the throne. With the latest data showing BYD sold 526,409 passenger BEVs in the fourth quarter, outdoing Tesla’s 484,507 global deliveries, it begs the question- how did a Chinese NEV maker achieve this remarkable feat?

BYD EV 2023 sales (BEV & PHEV) were up 62% to 3 million. BEV were 1.6 million.

BYD’s success can be attributed to multiple factors, one of them being their robust range of EV offerings. BYD produces electric buses, passenger cars, trucks, and forklifts, among others. It is worth noting that BYD started its electric vehicle business in 2003, much earlier than Tesla’s official debut in 2008.

BYD passes Tesla

BYD passes Tesla

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Moreover, BYD is heavily invested in research and development, with plans to stay ahead of the competition by making huge investments in EV technology. The company aims to make lighter, longer-lasting, and more reliable batteries. In 2019, BYD established a Global Design Center in Shenzhen that brought together designers from all over the world to work collectively on intelligent, electric, and advanced connected vehicle technologies.

BYD also enjoys significant government support, which has helped secure their position as the top seller of BEVs globally. Under the Chinese government’s NEV development plan, automakers such as BYD only need to meet a sales quota and receive license plate subsidies, among other benefits. Besides, many of the Central Government’s policies have been supportive of EV development, offering additional subsidies to promote domestic sales.

Another significant reason behind BYD’s success is their efficient expansion into international markets, with a footprint in over 300 cities across the globe. In recent years, BYD has invested heavily in developing overseas markets, including establishing offices in the United States, the United Kingdom, Japan, and other countries. Besides, the company has signed several agreements with foreign countries to produce green-energy vehicles, including the Philippines, Brazil, and South Africa.

BYD has also set aggressive sales targets, which have noticeably pushed their success rate. Their annual sales target for NEVs in 2023 is 2 million, up from 1.6 million last year, and 500,000 units in 2019. It is thus likely that BYD will retain its top position in the BEV industry for a while.

BYD has rightfully claimed its position at the top of the BEV industry. Their extensive range of electric vehicles, strong R&D capabilities, government support, international expansion, and ambitious sales targets have all worked in their favor. With BYD’s vast experience in the EV sector, it is clear that they have the potential to make an even stronger impact on the global EV market. While Tesla may still be the reigning king of luxury electric vehicles, the BEV industry is far more than just one automaker.