by Jason Cohen
A Chinese Communist Party (CCP)-tied electric vehicle maker dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.
BYD and Tesla both posted record sales for battery electric vehicles in the final quarter, according to the filings. BYD sold 526,409 vehicles in the quarter while Tesla sold 484,507, with the Chinese company achieving its highest-ever car sales in 2023, according to The Wall Street Journal.
BYD sold nearly 1.6 million battery electric vehicles and over 1.4 million hybrids, which Tesla does not produce, according to CNBC. BYD’s cars are also cheaper than Tesla’s.
BYD surpasses Tesla as world's top EV seller in 4Q 2023, with 526,409 units sold. Annual EV sales hit a record 3.02 million, up 62.3%. Despite a booming market, 2024 forecasts a slowdown due to economic challenges and policy changes.https://t.co/AN8B8UCXyW pic.twitter.com/SJngKDuTgx
— Lavrion Mining (@LavrionMining) January 2, 2024
Tesla beat BYD in battery electric vehicles by 230,000 sales in the entire year of 2023, compared to 400,000 in 2022, according to CNN Business.
BYD has been the top-selling car brand in China since 2022, according to the WSJ. Billionaire Warren Buffet is also a significant backer of the company.
BYD is involved in the CCP’s Belt and Road Initiative, which is “a massive China-led infrastructure project that aims to stretch around the globe” and boost China’s standing, influence and power, according to the Council on Foreign Relations.
Around 90% of BYD’s sales came from China in December, but it has been quickly expanding its sales to other countries, according to the WSJ.
“While the China market is one of the pioneers entering into the era of EVs, we believe moving overseas (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China’s leading carmakers to achieve success in the global market in the long run,” Nomura China autos analyst Joel Ying wrote in a Tuesday note, according to CNBC.
Tesla and BYD did not immediately respond to the Daily Caller News Foundation’s request for comment.
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Jason Cohen is a reporter at Daily Caller News Foundation.
