China’s BYD overtook Tesla as the world’s top-selling EV maker in the last quarter of 2023.

BYD trumped Tesla’s global sales figures in Q4 2023

BYD, which stands for Build Your Dreams, reported sales of 526,409 battery only vehicles for Q4, trumping Tesla’s record figure of 484,507 cars, which itself was up more than 11% from the previous quarter.

However, the US brand remains in the lead for full-year sales with a figure of 1.8 million across 2023, up 38% on 2022 although short of Elon Musk’s 2.0 million target.

While China’s BYD, which is backed by US investment billionaire Warren Buffett, sold some 3.02 million new energy vehicles (NEVs), this includes hybrids and the figure for battery only models stands at 1.6 million.

Nonetheless, it shows the threat to global OEMs from fast-rising Chinese automakers, which are backed by strong government measures from Beijing, enabling them to compete strongly on price and chase market share. 2023 marked the first year that BYD was listed among the global top 10 of car sales.

BYD has another USP compared to many EV makers. Founded in 1995 as a battery manufacturer, the Shenzhen-based company produces all its batteries inhouse. This gives it a significant competitive advantage to OEMs reliant on third-party sources; particularly legacy carmakers faced with the challenge of electrifying future models.

In 2023, BYD’s international market presence surged, with exports growing by 334.2% to 242,765 units and reaching over 70 countries on six continents.

BYD, which calls itself the global new energy vehicle sales champion, said that thanks to its “technological prowess and commitment to providing global consumers with more eco-friendly and efficient mobility solutions, coupled with the support from global top-tier partners”, its technology and products “have been favoured by numerous global consumers and given a multitude of product recognitions”. Its product line-up in the UK includes the fully electric Seal saloon (see road test here), Dolphin family hatch (road test here) and the Atto 3 SUV (tested here).

The brand has a commitment to leveraging “technological innovations for a better life” and says it will continue to accelerate the transition towards a greener future and contribute to its vision to “Cool the Earth by 1°C”.