Boss BYD: The Key to Winning the Electric Car Race is Not Competing with Tesla, It’s This

BYD's electric vehicle sales have reached a new increase in January 2024.

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According to CarNewsChina’s sales report, after surpassing Tesla in electric car sales in the last quarter of 2023, BYD is starting a successful year with nearly 50% increase in pure electric car sales in the first month of the new year.

In particular, in the first month of the new year, BYD sold over 201,493 new energy vehicles (NEVs), including 105,304 pure electric vehicles, up 48% from 71,338 electric vehicles delivered in January 2023. Vehicle output also increased significantly with 114,365 electric vehicles produced last month, up 64% compared to the same period.

New energy vehicle sales in January for BYD.

BYD’s fully electric models are starting to outperform plug-in hybrid (PHEV) models. BYD’s PHEV sales increased 21% to 95,715 in the previous month, while production only increased 9% to 90,749 units.

After selling nearly 1.6 million electric cars in 2023, BYD is driving growth by expanding internationally. The company delivered a record 36,174 vehicles abroad in January.

With 526,409 electric vehicles sold in the last three months of 2023, BYD surpassed Tesla with 484,507 vehicles delivered to claim the electric vehicle sales crown. Tesla has not yet released its sales report for January 2024.

In an interview with reporters earlier this week, Yunfei Li, BYD’s Brand Director, shared: “Tesla is a highly respected partner in our industry, and they are also our customers.”

When asked about surpassing Tesla in the past quarter’s sales, Li explained: “It’s not that we have to surpass them or they have to surpass us, instead BYD and Tesla need to collaborate to drive growth in the ‘sweet pie’ of new energy vehicles.”



Last week, Elon Musk confirmed that BYD is a supplier to Tesla.

Although BYD is known for its affordable electric models such as the Dolphin EV and Atto 3 SUV, the brand is quickly expanding into new segments and markets.

The brand revealed the high-performance electric sports sedan Yangwang U7 last month with over 1,000 horsepower and a starting price of over $140,000 (1 million RMB). Furthermore, the luxurious Yanwang U8 1,200 horsepower SUV with a price of around $150,000 has also been unveiled.

BYD also revealed several large-size electric SUVs, including the Sea Lion 07, Song L, and Yuan Up, which will compete with Tesla’s best-selling Model Y.

In late January, BYD forecasted a profit of at least $4.37 billion for 2023, up 74% from the previous $4.09 billion.

Meanwhile, Tesla reported a gross profit of $17.66 billion in 2023, a 15% decrease from 2022. China accounted for about 22% of Tesla’s revenue.

In addition, BYD plans to nearly double its sales volume in Singapore and the Philippines, targeting strong expansion in the ASEAN region after its recent debut in the Indonesian market.

According to Electrek, CNC

SOURCEcafef
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