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In 2023, BYD reported the sale of 3,024,417 new energy vehicles, indicating a 62.3% year-on-year increase and surpassing the previous year's record of 1,863,494 vehicles. The BYD Group consists of four major automobile brands: BYD, Denza (a joint venture with Mercedes-Benz), FCB (focused on off-road performance), and YangWang (a luxury brand).
Moreover, in the last quarter of 2023, BYD overtook Tesla as the leader in electric vehicles (EVs), selling 526,409 all-electric cars compared to Tesla's 484,507. Both companies exceeded their annual estimates, with BYD reaching over 3 million and Tesla achieving 1.8 million car sales in 2023. Despite this, Tesla maintains the lead in cumulative sales for the year, but BYD is expected to remain the top EV maker in 2024.
BYD's success is attributed to its commitment to new energy vehicle production, manufacturing 3,045,231 units in 2023, marking a 62.2% year-on-year increase. The commercial vehicle segment, including electric buses, trucks, and other vehicles, played a crucial role, witnessing an 88.2% increase in sales to 11,511 units, outpacing the company's overall sales growth.
BYD's overseas electric vehicle sales experienced exceptional growth, totalling 242,766 vehicles sold outside China in 2023, a remarkable 334% year-on-year increase, surpassing the company's cumulative overseas sales for almost two decades.
Additionally, BYD has become a significant player in battery production, achieving a new energy vehicle power and battery installed capacity of 150.909GWh in 2023, securing the second position globally, only behind CATL.
To celebrate this accomplishment, BYD is offering subsidies to all its dealers in China, providing a reward of 666 yuan (94 USD) for every car sold in 2023, marking a significant milestone in its automotive journey.
