4 January 2024

Electron Vehicles - China’s BYD closer to taking Tesla's electric car top spot

BBC Business reporter Peter Hoskins writes that Chinese company BYD has moved a step closer to toppling Elon Musk’s Tesla as the world’s biggest-selling manufacturer of electric vehicles.

The firm said on Monday it had sold a record 526,000 battery-only vehicles in the last three months of 2023.

That was helped by a more than 70% surge in sales in December.

US-based Tesla is scheduled to release its latest quarterly vehicle production and delivery figures before Wall Street opens on Tuesday.

For the year as a whole, Shenzen-based BYD said it had sold more than 3 million so-called-new energy vehicles (NEVs), which includes battery-only vehicles and hybrids.

Almost 1.6 million of its total sales were battery-only vehicles, the firm said.

Industry analysts have forecast that Tesla sold around 483,000 electric vehicles in the last three months of 2023 and 1.82 million for the year as a whole.

Last January, Mr Musk said that Tesla had the potential to achieve 2 million deliveries in 2023 but had since warned that higher borrowing costs were putting pressure on demand for his company’s cars.

BYD’s chief executive Wang Chuanfu co-founded BYD with his cousin in Shenzhen in 1995.

The company made a name for itself as a manufacturer of rechargeable batteries – used in smartphones, laptops and other electronics – that competed with pricier Japanese imports.

It started selling its shares on the stock market in 2002 and diversified by purchasing a struggling state-owned car manufacturer, Qinchuan Automobile Company.

Since 2008 BYD has counted veteran US investor Warren Buffett’s Berkshire Hathaway as a shareholder.

Analysts say BYD owes its growth to its original business – batteries. They are among the most expensive parts of an EV and making them in-house saves BYD a lot of money.

Many of BYD’s competitors rely on third-party manufacturers for batteries.

About APLF

We bring leather, material and fashion businesses together: an opportunity to meet and greet face to face. We bring them from all parts of the world so that they can find fresh partners, discover new customers or suppliers and keep ahead of industry developments.


We organise a number of trade exhibitions which focus on fashion and lifestyle: sectors that are constantly in flux, so visitors and exhibitors alike need to be constantly aware both of the changes around them and those forecast for coming seasons.


Follow Us On:

Contact us