BYD outsells Tesla in fourth quarter of 2023

BYD Auto has sold 5,26,409 EVs in the final quarter of last year, in comparison to Tesla’s tally of 4,84,507 units. However, the Chinese carmaker sold close to 1.6 million EVs in the year, whereas Tesla sold 1.8 million units; BYD posted a year-on-year growth of 73 percent.

1. BYD sold a total of 30,24,417 units in 2023
2. Registered total YoY sales growth of 61.9 percent
3. BYD India posted a 341 percent year-on-year growth

The year 2023 witnessed BYD expanding the portfolio of its Dynasty range and the Ocean series, which collectively achieved sales of 28,77,353 units, indicating a 55.3 percent increase over 2022. Additionally, new launches like the Yangwan and Fangchenbao in November 2023 received positive market responses. The company now has a presence in over 70 countries on six continents, having established itself as a key player in the global new energy sector.

2023 also marks the first time that BYD has been listed among the global top 10 in terms of car sales, with a total of 30,24,417 units sold in the year. BYD’s international market presence also saw significant growth in 2023, with exports rising by 334.2 percent, at 2,42,765 units.

BYD’s advantage over Tesla in India

Tesla has been wooing the Indian Government for a number of years trying to establish a presence here. BYD, on the other hand, entered the Indian market in 2021, and currently has the Atto 3 SUV and e6 MPV on sale at the moment. Tesla's potential entry into the Indian market entails a significant commitment, with the US-based EV giant planning a minimum investment of USD 2 billion (approximately Rs 16,665 crore) for setting up a manufacturing plant, pending government approval. Sources suggest that an official announcement regarding Tesla’s substantial investment is anticipated at the upcoming Vibrant Gujarat Global Summit scheduled from January 10-12, 2024.

Tesla has ambitious plans to increase its purchase of Indian auto parts to USD 15 billion (about Rs 1.2 lakh crore) during this year. This development comes at a time when BYD India has secured the fourth position in total sales in the market, marking a significant 341 percent year-on-year growth and a commendable 2.43 percent market share.