The BYD headquarters in Pingshan District. File photo

BYD surpassed Tesla to become the world’s largest electric car company in the final quarter (Q4) of 2023. The Pingshan-headquartered company achieved a record-breaking sales figure last year, including 525,409 fully electric vehicles (EVs) in the three-month period to Dec. 31, according to a stock exchange filing. Tesla said Jan. 2 it delivered 484,507 — also a record — during the quarter.

Over the year as a whole, Tesla still outpaced BYD, selling 1.8 million electric cars. BYD sold 1.57 million EVs, up 73% on 2022, as well as 1.44 million hybrids. Combining fully electric cars and plug-in hybrids, BYD produced more than 3 million new energy vehicles (NEVs) in 2023, surpassing Tesla’s production for a second straight year. The U.S. company only produces fully electric cars.

BYD's Seal DM-i cars in its Zhengzhou factory in Henan Province. Photos by Xinhua unless otherwise stated

BYD accomplished the remarkable milestone of reaching 3 million vehicles in just 20 years, while it took Volkswagen 44 years and Toyota 48 years to reach the same milestone, Shenzhen Special Zone Daily reported. In the first half of 2023, BYD secured a spot in the top 10 list of global automobile sales. 

Currently, its NEVs have a presence in over 70 countries and regions across six continents, spanning more than 400 cities. It recently picked Hungary over other European countries to establish its first production line on the continent. 

Visitors are interested in BYD cars at the Munich Motor Show in Germany on Sept. 5, 2023. 

The rapid growth of BYD, which is backed by Warren Buffett, is a symbol of China’s rising EV industry. China is progressing quickly in its transition to EVs, thanks to strong government support for the industry.

The country has set a target that at least 20% of new cars sold annually in China by 2025 should be NEVs, which include fully electric vehicles, plug-in hybrids, and hydrogen fuel cell vehicles. By 2035, the government says, NEVs should become the “mainstream” of new car sales. The first goal was achieved in 2022, about three years early. The second may also be reached earlier than expected, according to media reports.