BYD surpassed Tesla as the top-selling electric vehicle maker in the last three months of 2023 in China, though Tesla remained number one for the full year. BYD sold over 1.6 million new energy vehicles (including hybrids) in 2023, up 73% from the prior year, compared to Tesla's 1.8 million EV sales, up 38%. BYD benefits from strong government support for EVs in China, its huge domestic market, and lower prices than Tesla.
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00:00 It's Benzinga and here's what's on the block.
00:02 BYD surpassed Tesla as the top-selling electric vehicle maker in the last three months of 2023
00:07 in China, although Tesla remained number one for the full year. BYD sold over 1.6 million new
00:13 energy vehicles, including hybrids, in 2023, up 73% from the prior year, compared to Tesla's 1.8
00:19 million EV sales, up 38%. BYD benefits from strong government support for EVs in China,
00:25 its huge domestic market and lower prices than Tesla. However, Tesla has a more global reach
00:30 so far, while BYD is mainly in China and starting to expand overseas with the new Hungary factory.
00:35 Chinese EV makers face regulatory and trade barriers in key markets like the US,
00:40 Europe and Japan as those regions protect domestic auto industries.
00:43 For all things money, visit Benzinga.com.