“In Q4 of 2023, BYD Surpasses Tesla to Claim the Title of the World’s Leading Electric Car Manufacturer in Sales”

In 2023, BYD, a company supported by Warren Buffett, sold a lot of electric cars. They sold 1.57 million, which is 73% more than the year before. In the last part of the year, BYD sold 525,409 electric cars.

Even though Tesla sold more electric cars in 2023 (1.8 million), BYD’s quick growth shows that China is becoming very strong in making electric cars.

China is helping electric cars a lot. They wanted 20% of all new cars sold in China by 2025 to be electric, and they reached that goal in 2022, three years earlier than planned.

China is doing well in making electric cars because they have a big market, cheap workers, and control over getting car parts. Chinese car companies, like BYD, are also selling cars in other countries, making other car companies worried. The European Union is checking if China is giving too much money to help its car companies.

China wants most new cars sold in 2035 to be electric. In the first 11 months of 2023, more than 30% of new cars sold in China were electric, totaling 8.3 million cars.

Miao Wei, who used to work for China’s car industry, thinks China might reach its goal of 50% of all cars being electric by 2035 much earlier, maybe by 2025 or 2026.

This is good for China because it makes them important in making and improving electric cars. People who study this at Natixis Asia, a French bank, say that “China is now the best at making electric cars and getting better compared to others.“