BYD Set To Outpace Tesla In Production, Showing Dominance In Tough Chinese EV Market
Chinese Tesla rival BYD produced over 3 million electric and hybrid cars in 2023, putting it on track to surpass Tesla's annual production for the second consecutive year. In 2022, BYD produced 1.88 million vehicles, while Tesla produced 1.37 million. Tesla produced 1.35 million cars during the first three quarters of 2023. Most of BYD's vehicles are lower priced than Tesla's and offer hybrid options in addition to all-electric models. Competition in the Chinese electric vehicle market is increasing.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 Chinese Tesla rival BYD produced over 3 million electric and hybrid cars in 2023,
00:07 putting it on track to surpass Tesla's annual production for the second consecutive year.
00:11 In 2022, BYD produced 1.8 million vehicles, while Tesla produced 1.37 million. Tesla produced 1.35
00:18 million cars during the first three quarters of 2023. Most of BYD's vehicles are lower-priced
00:24 than Tesla's and offer hybrid options in addition to all-electric models. Competition in the Chinese
00:28 electric vehicle market is increasing. In addition to the China market, BYD is expanding overseas
00:33 sales, delivering over 242,000 new energy passenger vehicles internationally in 2023.
00:39 The company also plans to open a new factory in Hong Kong. For all things money, visit Benzinga.com.