ALBAWABA – Chinese electric vehicle maker, BYD, has announced staggering results for the last quarter of 2023, revealing 526,000 sold EVs, compared to Tesla’s 484,000 sales, effectively overtaking the throne for world’s top selling electric car maker.
While American global Tesla said on Tuesday that it produced 1.84 million automobiles, while BYD revealed that it produced 3.02 million new energy vehicles in 2023, which included 1.6 million battery-only cars and 1.4 million hybrids, meaning Tesla is still the top in the production of fully electric cars.
Earlier in March, build Your Dreams (BYD), funded by US billionaire Warren Buffett, launched a new model, the Yuan, known as the Atto 3 in overseas markets, priced at just $16,644, roughly 12% less than the previous version in China, as reported by Euro News. Simultaneously, Tesla offered $4,800 incentives for its Model 3 and Model Y in China.
BYD's first-quarter earnings were 47% lower than those of the same period in 2023 as a result of this pricing war and hurdles launched by US and EU. The automaker, headquartered in Shenzhen, had a loss in sales for the first time in a quarter since the epidemic started in 2020.
Last month, the European Commission said that, as of July, it would apply additional taxes of up to 38.1 percent on Chinese electric vehicles imported, according to Reuters, as Chinese manufacturers face declining costs and weakening demand.
Later, the Union and China have reportedly decided to start discussions regarding the proposed tariffs which will be applied to EVs that are manufactured in China and imported into Europe, CNBC cites top executives from both parties.
Compared to Tesla, which gets 20% of its sales from the Chinese market, BYD sells the majority of its cars for a lower price tag, according to The Guardian, with the top-selling electric vehicle manufacturer in China aiming to distribute 800,000 vehicles a year in Europe by 2030.
