Electric car maker BYD sold more than 500,000 battery electric vehicles (BEV) worldwide in the fourth quarter of 2023 – taking the Chinese company above US rival Tesla’s sales for the first time.
BYD’s vehicle production also increased significantly last year – reaching 3.02 million vehicles in 2023, nearly double what it was the previous year. However, about 1.4 million of these cars were hybrids, while Tesla is still ahead in terms of fully electric cars with about 1.84 million cars produced.
BYD, which stands for “Build Your Dreams,” sells about 90 percent of its cars in the local market. However, the company intends to focus more on Europe in the future. Five different BYD models are currently available in Europe, with three more to be added in 2024. There are also plans for a new factory in Hungary.