For the second year in a row, BYD manufactured more than 3 million new energy vehicles in 2023, exceeding Tesla’s output.

According to Tesla, 1.84 million cars were produced in 2023. In comparison to Tesla’s vehicles, the majority of BYD’s models are more affordable and are available in hybrid as well as battery-only configurations.

Tesla was ahead in total production, however BYD produced 1.6 million battery-only passenger cars and 1.4 million hybrids, while Tesla was ahead in production of battery-only vehicles.

Elon Musk’s automotive company only offers battery-powered vehicles for sale. Approximately 25% of Tesla’s sales during the quarter that concluded on September 30 came from China.

Tuesday morning’s trade in Hong Kong saw a more than 2% decline in BYD shares.

BYD’s yearly sales exceeded the 3 million mark, although they fell short of CLSA’s projections of 3.05 million cars.

3.02 million new energy vehicles were sold in 2023, according to BYD. In March 2022, the business ceased manufacturing cars using only petrol and diesel engines.

Companies have deluged the market with new models in an attempt to get a piece of China’s rapidly expanding electric vehicle industry. Last week, Chinese smartphone manufacturer Xiaomi revealed its plans to introduce an electric vehicle (EV) to take on Tesla and Porsche.

According to a statement made on Sunday, Li Auto, whose monthly deliveries have climbed to record highs, is scheduled to introduce MEGA, its first entirely battery-powered vehicle, on March 1 and start deliveries later that month. That is a little later than the first estimates for deliveries in late February.

Cars that have a fuel tank to increase the driving range and charge the battery have been successful for the company thus far. Li Auto reported that it delivered more than 50,000 vehicles in December of 2023, for a total of 376,030—an 182% increase over the previous year.

According to Craig Irwin Xpeng of Roth MKM, Tesla is “egregiously” overvalued and will have a “tough” 2024. Xpeng unveiled the X9 MPV on Monday, and deliveries will begin right away.

The Chinese electric vehicle manufacturer reported record December delivery of 20,115 vehicles, representing a 17% year-over-year increase in total EV deliveries to 141,601 in 2023.

Aito, Huawei’s new energy vehicle brand, announced on Monday that more than 30,000 M9 SUVs have been ordered in the seven days after the vehicle’s launch. Mass delivery of M9 is scheduled to start in late February.

According to Aito, it shipped 94,380 vehicles in 2023—24,468 of those in December alone. Aito reported that since deliveries started in March of that year, it had delivered more than 75,000 automobiles in 2022.

With support from Geely, Zeekr announced that it began delivering its newest model, the 007 electric vehicle, on Monday. Zeekr reported that in 2023, its total deliveries increased by 65% to 118,685.

Compared to Nio, which reported delivering 160,038 cars in 2023—an increase of roughly 31% year over year—that total figure is still less. Just over 18,000 automobiles were delivered by the business in December. 

Nezha, one of the numerous other Chinese electric car firms, claimed to have delivered 127,496 vehicles in 2023.

The state-owned GAC Motor offshoot Aion reported sales of over 480,000 vehicles in 2023, a 77% increase over the previous year.

A number of Chinese electric vehicle manufacturers, such as BYD and Nio, are also venturing into international markets, particularly in Europe.

Based on official data, CNBC calculated that BYD sold more than 242,000 new energy passenger vehicles internationally in 2023. The business withheld comparable 2022 data.

The massive Chinese EV manufacturer revealed intentions to construct a new production facility in Hungary in December. According to the company, it sells five models in Europe at the moment and will introduce three more in the upcoming year.

“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 a 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.

According to BYD, the company sold 36,095 new energy passenger cars abroad in December, more than tripling the amount sold the previous year.

(Adapted from CBTNews.com)