Chongqing - The fourth quarterly report of 2023 reveals a significant shift in the electric vehicle (EV) market, as BYD overtakes Tesla to become the world's largest EV producer.

BYD surpassed Tesla as the world's largest EV producer in Q4 2023. (Photo/ BYD)

Reports show that BYD and Tesla sold 526,409 and 484,507 electric vehicles, respectively, making BYD's EV sales outnumber Tesla's for the first time.

Notably, in 2023, Tesla delivered approximately 1.81 million electric vehicles compared to BYD's 1.6 million. However, industry insiders suggest that BYD's fourth-quarter success positions it as the likely leader in the upcoming year.

Including other new energy vehicles (plug-in hybrids and extended-range electric vehicles), BYD's total deliveries exceeded three million in 2023. This achievement placed them among the global top 10 in car sales for the first time while continuing as China's best-selling car brand.

For further expansion, BYD has made big moves in the international market. On December 22, 2023, BYD announced its first European EV factory to be built in Szeged, Hungary. According to BYD's official release, In 2023, BYD's exports grew by 334.2% to 242,765 units, and its reach across over 70 countries on six continents.

In 2023, BYD's exports grew by 334.2% to 242,765 units, and its reach across over 70 countries on six continents. (Graphics/ Vivian Yan)

In 2023, BYD completed its brand matrix, including the Dynasty series, Ocean series, DENZA, FANGCHENGBAO, and YANGWANG. Among them, Dynasty and Ocean series achieved sales of 2,877,353 units, marking a 55.3% increase from the previous year. DENZA sold 127,840 units in 2023, with the DENZA D9 emerging as the annual MPV sales champion.

To separate the battery business from its vehicle production sector, BYD established FinDreams Battery, which has headquarters in Chongqing, China. The BYD's power battery supply amount has ranked second in the world.