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BYD is expected to surpass Tesla for the second year in a row after producing over 3 million vehicles

Chinese electric car manufacturer BYD announced on Monday that it produced over 3 million new energy vehicles in 2023, positioning itself to outpace Tesla’s production for the second consecutive year. Tesla, as of Tuesday, had not released full-year figures for 2023, but during the first three quarters, it reported producing 1.35 million cars. In 2022, BYD produced 1.88 million vehicles, surpassing Tesla’s 1.37 million. BYD’s new energy vehicles include both battery-powered and hybrid models. Although BYD slightly missed CLSA’s expectations by selling 3.02 million vehicles in 2023, the company’s annual sales exceeded the 3 million mark. Of the total, 1.6 million were battery-only passenger cars, and 1.4 million were hybrids.

The competition in China’s growing electric car market is intensifying, with numerous companies launching new models. Xiaomi, a Chinese smartphone maker, unveiled plans to enter the EV market, while Li Auto, which delivered over 50,000 cars in December, is set to launch its first purely battery-powered vehicle in March. Xpeng launched its X9 MPV, reporting a 17% YoY increase in overall deliveries of electric cars to 141,601 vehicles in 2023. Huawei’s new energy vehicle brand Aito received over 30,000 orders for its M9 SUV within a week of its launch. Nio reported delivering 160,038 cars in 2023, and Zeekr, backed by Geely, began delivering its latest model, the 007 electric sedan.

Beyond domestic success, Chinese electric car companies like Nio and BYD are expanding into overseas markets, particularly Europe. BYD’s overseas sales in 2023 surpassed 242,000 new energy passenger vehicles, and the company plans to build a new production center in Hungary. BYD sold 36,095 new energy passenger vehicles overseas in December, marking significant growth compared to the previous year.

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