BYD Surpasses Tesla in Annual New Energy Vehicle Production for Second Consecutive Year

BYD, the Chinese electric car giant, announced on Monday that it had produced over 3 million new energy vehicles in 2023, putting it on track to surpass Tesla’s production for a second consecutive year. The U.S. electric car company had yet to release its full-year figures as of Tuesday.

BYD’s annual sales slightly missed CLSA’s expectations for 3.05 million vehicles, with the company selling 3.02 million new energy vehicles in 2023. Of these, 1.6 million were battery-only passenger cars, and 1.4 million were hybrids. The company stopped producing purely gasoline and diesel-powered cars in March 2022.

Competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data, and the company announced plans to build a new production center in Hungary.

The Chinese EV giant sold 36,095 new energy passenger vehicles overseas in December, more than triple the year-ago figure. Nomura China autos analyst Joel Ying and his team believe that moving overseas is the only way for China’s leading carmakers to achieve success in the global market in the long run.

BYD’s shares fell by more than 2% in Hong Kong trading Tuesday morning. Tesla, which produced 1.35 million cars during the first three quarters of 2023, has yet to release its full-year figures. In 2022, Tesla produced 1.37 million vehicles, fewer than BYD’s 1.88 million. New energy vehicles include battery-powered and hybrid models.

Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions. Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30.

The competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. Li Auto is set to launch its first purely battery-powered vehicle, MEGA, on March 1 and begin deliveries later that month. Xpeng launched its X9 MPV on Monday, with deliveries starting immediately. Huawei’s new energy vehicle brand Aito said orders for its M9 SUV have surpassed 30,000 in the seven days since its launch, with mass deliveries set to begin in late February. Aito delivered 94,380 cars in 2023, including 24,468 in December alone. Zeekr started Monday to deliver its latest model, the 007 electric sedan, and said its overall deliveries rose by 65% in 2023 to 118,685. Nio delivered 160,038 cars in 2023, up by nearly 31% year-on-year, and delivered just over 18,000 cars in December. Among the many other electric car brands in China, Nezha reported deliveries of 127,496 cars in 2023. Aion, a spin-off of state-owned GAC Motor, said it sold more than 480,000 cars in 2023, up 77% year-on-year.

Several Chinese electric car players including Nio and BYD are also pushing into markets outside China, especially Europe. BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data, and the company announced plans to build a new production center in Hungary. The company currently sells five models in Europe and plans to launch three more for the region in the next 12 months.

“While the China market is one of the pioneers entering into the era of EVs, we believe moving overseas (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China’s leading carmakers to achieve success in the global market in the long run,” Nomura China autos analyst Joel Ying and his team said in a Jan. 2 note. “Given the company already has a bus factory in Hungary, we believe the decision to build the first EU PV factory in Hungary will help BYD to minimize the potential risks in the overseas market,” the report said.

BYD sold 36,095 new energy passenger vehicles overseas in December, more than triple the year-ago figure. The Chinese EV giant’s shares fell by more than 2% in Hong Kong trading Tuesday morning. Tesla, which produced 1.35 million cars during the first three quarters of 2023, has yet to release its full-year figures. In 2022, Tesla produced 1.37 million vehicles, fewer than BYD’s 1.88 million. New energy vehicles include battery-powered and hybrid models. Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions. Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30. Competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. Li Auto is set to launch its first purely battery-powered vehicle, MEGA, on March 1 and begin deliveries later that month. Xpeng launched its X9 MPV on Monday, with deliveries starting immediately. Huawei’s new energy vehicle brand Aito said orders for its M9 SUV have surpassed 30,000 in the seven days since its launch, with mass deliveries set to begin in late February. Aito delivered 94,380 cars in 2023, including 24,468 in December alone. Zeekr started Monday to deliver its latest model, the 007 electric sedan, and said its overall deliveries rose by 65% in 2023 to 118,685. Nio delivered 160,038 cars in 2023, up by nearly 31% year-on-year, and delivered just over 18,000 cars in December. Among the many other electric car brands in China, Nezha reported deliveries of 127,496 cars in 2023. Aion, a spin-off of state-owned GAC Motor, said it sold more than 480,000 cars in 2023, up 77% year-on-year. Several Chinese electric car players including Nio and BYD are also pushing into markets outside China, especially Europe. BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data, and the company announced plans to build a new production center in Hungary. The company currently sells five models in Europe and plans to launch three more for the region in the next 12 months. “While the China market is one of the pioneers entering into the era of EVs, we believe moving overseas (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China’s leading carmakers to achieve success in the global market in the long run,” Nomura China autos analyst Joel Ying and his team said in a Jan. 2 note. “Given the company already has a bus factory in Hungary, we believe the decision to build the first EU PV factory in Hungary will help BYD to minimize the potential risks in the overseas market,” the report said. BYD sold 36,095 new energy passenger vehicles overseas in December, more than triple the year-ago figure. Tesla, which produced 1.35 million cars during the first three quarters of 2023, has yet to release its full-year figures. In 2022, Tesla produced 1.37 million vehicles, fewer than BYD’s 1.88 million. New energy vehicles include battery-powered and hybrid models. Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions. Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30. Competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. Li Auto is set to launch its first purely battery-powered vehicle, MEGA, on March 1 and begin deliveries later that month. Xpeng launched its X9 MPV on Monday, with deliveries starting immediately. Huawei’s new energy vehicle brand Aito said orders for its M9 SUV have surpassed 30,000 in the seven days since its launch, with mass deliveries set to begin in late February. Aito delivered 94,380 cars in 2023, including 24,468 in December alone. Zeekr started Monday to deliver its latest model, the 007 electric sedan, and said its overall deliveries rose by 65% in 2023 to 118,685. Nio delivered 160,038 cars in 2023, up by nearly 31% year-on-year, and delivered just over 18,000 cars in December. Among the many other electric car brands in China, Nezha reported deliveries of 127,496 cars in 2023. Aion, a spin-off of state-owned GAC Motor, said it sold more than 480,000 cars in 2023, up 77% year-on-year. Several Chinese electric car players including Nio and BYD are also pushing into markets outside China, especially Europe. BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data, and the company announced plans to build a new production center in Hungary. The company currently sells five models in Europe and plans to launch three more for the region in the next 12 months. “While the China market is one of the pioneers entering into the era of EVs, we believe moving overseas (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China’s leading carmakers to achieve success in the global market in the long run,” Nomura China autos analyst Joel Ying and his team said in a Jan. 2 note. “Given the company already has a bus factory in Hungary, we believe the decision to build the first EU PV factory in Hungary will help BYD to minimize the potential risks in the overseas market,” the report said. BYD sold 36,095 new energy passenger vehicles overseas in December, more than triple the year-ago figure. Tesla, which produced 1.35 million cars during the first three quarters of 2023, has yet to release its full-year figures. In 2022, Tesla produced 1.37 million vehicles, fewer than BYD’s 1.88 million. New energy vehicles include battery-powered and hybrid models. Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions. Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30. Competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. Li Auto is set to launch its first purely battery-powered vehicle, MEGA, on March 1 and begin deliveries later that month. Xpeng launched its X9 MPV on Monday, with deliveries starting immediately. Huawei’s new energy vehicle brand Aito said orders for its M9 SUV have surpassed 30,000 in the seven days since its launch, with mass deliveries set to begin in late February. Aito delivered 94,380 cars in 2023, including 24,468 in December alone. Zeekr started Monday to deliver its latest model, the 007 electric sedan, and said its overall deliveries rose by 65% in 2023 to 118,685. Nio delivered 160,038 cars in 2023, up by nearly 31% year-on-year, and delivered just over 18,000 cars in December. Among the many other electric car brands in China, Nezha reported deliveries of 127,496 cars in 2023. Aion, a spin-off of state-owned GAC Motor, said it sold more than 480,000 cars in 2023, up 77% year-on-year. Several Chinese electric car players including Nio and BYD are also pushing into markets outside China, especially Europe. BYD’s overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC calculations of public data, and the company announced plans to build a new production center in Hungary. The company currently sells five models in Europe and plans to launch three more for the region in the next 12 months. “While the China market is one of the pioneers entering into the era of EVs, we believe moving overseas (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China’s leading carmakers to achieve success in the global market in the long run,” Nomura China autos analyst Joel Ying and his team said in a Jan. 2 note. “Given the company already has a bus factory in Hungary, we believe the decision to build the first EU PV factory in Hungary will help BYD to minimize the potential risks in the overseas market,” the report said. BYD sold 36,095 new energy passenger vehicles overseas in December, more than triple the year-ago figure. Tesla, which produced 1.35 million cars during the first three quarters of 2023, has yet to release its full-year figures. In 2022, Tesla produced 1.37 million vehicles, fewer than BYD’s 1.88 million. New energy vehicles include battery-powered and hybrid models. Most of BYD’s cars sell in a lower price range than Tesla’s, and come in hybrid versions. Elon Musk’s automaker only sells purely battery-powered cars. China accounted for about one-fifth of Tesla’s sales in the quarter ended Sept. 30. Competition in China’s electric car market is heating up, with companies such as Xiaomi, Li Auto, Xpeng, Huawei’s Aito, Zeekr, and Nezha, among others, launching new models and expanding overseas. Li Auto is set to launch its first purely battery-powered vehicle, MEGA, on March 1 and begin deliveries later that month. Xpeng launched its X9 MPV on Monday, with deliveries starting immediately. Huawei’s new energy vehicle brand Aito said orders for its M9 SUV have surpassed 30,000 in the seven days since its launch, with mass deliveries set to begin in late February. Aito delivered 94,380 cars in 2023, including 24,468 in December alone. Zeekr started Monday to deliver its latest model, the 007 electric sedan, and said its overall deliveries rose by 65% in 2023 to 118,685. Nio delivered 160,038 cars in 2023, up by nearly 31% year-on-year, and delivered just over 18,000 cars in December. Among the many other electric car brands in China, Nezha reported deliveries of 127,496 cars in 2023. Aion, a spin-off of state-owned GAC Motor, said it sold more than 480,000 cars in 2023, up 77% year-on-year. Several Chinese electric car players including Nio and BYD are also pushing into markets outside China, especially Europe. BYD’s overseas sales in 2023 exceeded 242,0