China’s BYD Motors is all set to surpass Tesla as the world’s top-selling electric vehicle manufacturer. The sales of the fourth quarter were revealed on Monday, and they sold 526,000 battery-only vehicles in the last quarter, with a 70 percent sales hike in December only. The company is about to dominate Elon Musk’s Tesla as the seller of purely electric vehicles, as it is estimated that Tesla has sold 483,000 vehicles in the quarter. Tesla’s reports are scheduled to be released on Tuesday.
By the end of the third quarter, Tesla and BYD had consumed 17 percent of the market share for fully electric cars. While BYD sold 432,000 cars, Tesla sold 435,000. It will be a milestone in the EV market and further confirm that China is making its way across the global automotive market. Popular brands like Toyota Motor Corp., Volkswagen, and General Motors Co. still dominate the industry, but recently, Chinese companies like BYD and SAIC Motor Corp. have matched the pace.
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China has leapfrogged countries like the US, South Korea, and Germany for the last few years and is now in competition with Japan for the top position in car exports. There were 1.3 million electric vehicles exported from China out of a total of 3.6 million vehicles. When plug-in hybrid vehicles, which China counts as new energy vehicles, were included, BYD surpassed Tesla in 2022 only. While BYD is making its way into the international market, it has already acquired a market share of 35 percent for the new energy vehicle industry in China.
BYD was founded in the mid-1990s by a former university professor, Wang Chuanfu. The company initially manufactured rechargeable batteries but expanded itself into the automotive industry in the 2000s. BYD initially relied on already existing technologies but is now dominating by decreasing the overall production cost. It has now become the world’s biggest EV battery-making company. They also reported that group total sales were 62 percent higher than 3 million vehicles.