During the third quarter of 2023, BYD sold 4,31,603 pure electric cars globally, a substantial 23 percent increase over the same period the previous year.
In an unexpected turn of events, Chinese automaker BYD, backed by famous investor Warren Buffet, is getting closer to challenging Tesla’s dominance in the worldwide electric vehicle (EV) market. According to Bloomberg, BYD sold 4,31,603 pure electric cars globally during the third quarter of 2023, a remarkable 23 percent increase over the same period last year. This record puts BYD just 3,456 sales behind Tesla, which delivered 4,35,059 vehicles over the same period.
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This data implies that if BYD maintains its progress into the fourth quarter, it might overtake Tesla, signaling a significant shift in the EV production scene. This would be the first time Tesla has ceded its status as the leading EV maker since dethroning Nissan in 2019. However, there are several elements to consider that might influence this race, such as potential overnight price cuts in the US and Tesla’s newly released Model 3 makeover, which could damage sales and perhaps prevent BYD from taking the lead in the following quarter.
It is worth noting that Tesla presently sells only four models, with the more economical Model 3 sedan and Model Y crossover accounting for nearly 96.3 percent of all deliveries. BYD, on the other hand, has a diverse variety of EVs, ranging from the Dolphin hatchback to numerous crossovers and sedans. BYD also produces plug-in hybrids (PHEVs). BYD shipped 3,90,491 PHEVs globally in the third quarter, increasing its total EV and PHEV sales to 8,22,094 vehicles.
Whether or not BYD manages to overtake Tesla in the near future, the company has unquestionably cemented its place as China’s premier automobile brand. BYD surpassed Volkswagen in first-quarter sales earlier this year, a position the latter had held since at least 2008. Although the majority of BYD’s sales are still in China, the business is growing in Europe, Australia, and other worldwide markets. Notably, the United States is still a vital market in which BYD has yet to establish a big footprint.
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