China's BYD edging closer to overtaking Tesla as the leading electric car brand

Chinese company BYD is making strides towards surpassing Tesla as the world's leading electric vehicle (EV) manufacturer, with record sales figures announced. BYD revealed that it sold a remarkable 526,000 battery-only vehicles during the final quarter of 2023, indicating a significant rise of over 70% in December alone. In comparison, US-based rival Tesla is expected to release its latest quarterly figures, including production and delivery data, on Tuesday. BYD shared that it sold over 3 million new energy vehicles (NEVs), encompassing battery-only vehicles and hybrids, throughout the whole of 2023. Of this total, almost 1.6 million were battery-only vehicles. Although industry analysts predict that Tesla sold approximately 483,000 EVs in the last three months of 2023 and 1.82 million for the whole year, it is evident that BYD is gaining considerable ground. BYD's success can be largely attributed to its previous role as a manufacturer of rechargeable batteries, used in various electronic devices, that competed with more expensive Japanese imports. It entered the stock market in 2002 and expanded its operations by acquiring Qinchuan Automobile Company, a struggling state-owned car manufacturer. Since 2008, BYD has included Warren Buffett's Berkshire Hathaway as a shareholder. The company's proficiency in battery production has contributed significantly to its growth. As batteries comprise one of the costliest components of an EV, BYD's ability to produce them in-house results in substantial cost savings. In contrast, many of BYD's competitors rely on external manufacturers for batteries. With its impressive sales figures, BYD is positioning itself as a fierce contender to Tesla's dominant position in the EV market.