BYD says it has concluded 2023 with record-breaking sales volume, which surpasses its three million annual sales target and makes it the ‘global new energy vehicle (NEV – includes plug-in hybrids) sales champion, for the second year in a row’.

This year also marks BYD being listed among the global top 10 of car sales for the first time. In the Chinese market, BYD retained its position as the best-selling car brand and manufacturer.

December saw sales of 341,043 units, a 45% increase on a year earlier, culminating in a total of 3,024,417 vehicles sold throughout the year, a substantial 61.9% surge from the previous year.

According to GlobalData, the 2023 result means BYD now comfortably exceeds Tesla (at nearer 2m units) in terms of annual global sales of vehicles.

Strong growth in China’s domestic market and well-received models at attractive price points have been key factors in the company’s growth over the past two years. In China, BYD and rival Tesla have been involved in a price war that has supported market and volume growth.

However, BYD has also developed its export business. In 2023, BYD’s international market presence surged, with exports growing by 334.2% to 242,765 units and its reach extending across over 70 countries on six continents. The company is now eyeing the European market and has announced plans for a manufacturing plant in Hungary, as well as new electric models aimed at European consumers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

See also: BYD overtakes VW in China – what happens next?