In 2023, the Chinese manufacturer BYD sold 3,024,417 New Energy Vehicles, marking a significant 61.9% increase from the previous year. Although it didn’t surpass Tesla overall, BYD did outperform its American competitor in EV sales in the last quarter.
In 2023, the Chinese automotive company BYD achieved a landmark year, with its sales soaring to new heights. The company not only surpassed its ambitious goal of 3 million annual sales but also maintained its leading position as the top global seller in the new energy vehicle (NEV) market for the second consecutive year. This remarkable performance also marked BYD’s entry into the global top 10 car sales list for the first time.
In the fiercely competitive Chinese market, BYD continued to dominate as the best-selling car brand and manufacturer. The month of December alone saw the company selling 341,043 units, representing a substantial 45% increase. The total sales for the year reached an impressive 3,024,417 vehicles, indicating a significant 61.9% increase compared to the previous year.
2023 was a pivotal year for BYD in terms of global expansion. The company’s international market presence witnessed exponential growth, with exports surging by 334.2% to 242,765 units. BYD’s products now span over 70 countries across six continents, reflecting its growing global footprint.
The year also saw the completion of BYD’s brand matrix, which includes the Dynasty and Ocean series, Denza, Fangchenbao, and Yangwan. Each of these brands contributed to BYD’s diverse and extensive portfolio in the global new energy sector. The Dynasty and Ocean series alone recorded sales of 2,877,353 units, a 55.3% increase over the previous year. The Denza brand, particularly the Denza D9, became a top seller in the Multi-Purpose Vehicle (MPV) segment with sales of 127,840 units.
Newly launched in 2023, Yangwan and Fangchenbao received enthusiastic market responses. The Yangwan U8 quickly became a leader in the million-level NEV segment, while the Bao 5 made significant inroads in the off-road segment.
In the realm of electric vehicle (EV) sales, BYD significantly closed the gap with Tesla. Throughout 2023, BYD sold nearly 1.6 million electric cars globally, a 73% improvement over its 2022 results and only a 13% shortfall compared to Tesla’s sales of 1,808,581 units. Notably, BYD surpassed Tesla in the final quarter with 526,409 sales compared to Tesla’s 484,507 units, highlighting BYD’s growing strength in the EV market. Despite not beating Tesla’s full-year result, BYD’s strong performance in the last quarter signifies its rising prominence and competitive edge in the electric vehicle industry.