Tuesday, May 21, 2024
NewsBYD Could Become the World’s Largest EV Maker in 2023

BYD Could Become the World’s Largest EV Maker in 2023

BYD is catching up to Tesla in terms of global EV sales and it sees poised to overtake it in 2023.

  • The Chinese brand sold 911,410 EVs in 2022 while Tesla sold 1,3 million.

  • BYD has seen its sales increase by 184% over the last year but Tesla’s sales only grew 40%.

  • Most of these sales are in China, where BYD EVs are much cheaper than Tesla models.

Tesla is still in the lead in terms of electric vehicle sales around the world but this could change in 2023.

Indeed, despite the American EV maker achieving a record 1,313,851 sales last year, Chinese competitor BYD is gaining ground and could be able to overtake Tesla in 2023 if it maintains its growth rate.

This is because the Chinese company sold 911,410 electric vehicles in 2022, which represents a 184% increase over its 2021 EV sales.

At the same time, Tesla increased its global sales by about 40%, which is impressive on its own, but very far from competitive when compared to BYD’s year-to-year progression.

The main reason that can explain BYD’s success this year is that its EVs for the Chinese market are much more affordable than even those from other Chinese competitors such as Nio or Xpeng, with the majority being priced between 100,000 and 200,000 Yuan (about $19,700 to $39,400 CAD).

This is a major advantage against Tesla since its most affordable vehicle, the Model 3, starts at 265,900 Yuan (about $52,400 CAD).

This makes BYD popular with white-collar buyers who want an electric vehicle in order to save money rather than to benefit from all of the latest tech features or from a high level of performance.

Unlike Tesla, BYD also sells plug-in hybrid vehicles equipped with gasoline engines which have also been popular this year, bringing its total sales number to 1,868,543 electrified vehicles in 2022.

Tesla still has a chance to remain the world’s leading EV maker in 2023, however, analysts predict the adoption rate of electric vehicles in China could slow down to 30% this year due to the phasing out of some key EV subsidies, which could hurt BYD’s performance in its largest market.

Source: Carscoops

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