According to a Global Times report, Chinese electric vehicle (EV) manufacturer BYD Co has achieved a historic feat by surpassing US-based Tesla Inc as the world’s largest EV maker in the fourth quarter of 2023.
BYD announced that it sold approximately 526,400 EVs in the final three months of 2023. And with this achievement it breaking Tesla’s previous record of 484,500 deliveries during the same period. BYD topped the global EV market for the first time every quarter.
This is also significant in light of BYD’s market capitalization of 573.17 billion yuan ($80.21 billion) as of Wednesday, which is a fraction of Tesla’s $778.42 billion. BYD’s stock has dropped 28.85 percent in the last six months, while Tesla’s stock has dropped 11.22 percent.
According to the most recent data from the China Association of Automobile Manufacturers, China’s exports of new-energy vehicles increased 83.5 percent year on year to 1.09 million units in the first 11 months of 2023.
This is also a watershed moment for China’s auto industry, as it surpasses Japan in 2023 and Germany in 2022 to become the world’s largest auto exporter, having previously dominated the global auto market for decades.