China’s BYD: One Step Away from Surpassing Tesla in Electric Car Sales

While sales growth for electric cars has moderated significantly in many regions and declined in others, China’s BYD, which only makes electric or hybrid cars at present, is reporting record numbers in the last quarter, and electric sales are one step away from surpassing Tesla.

Thus, BYD sold 431,603 electric cars in the third quarter of 2023, while Tesla sold 435,059 electric cars, so only about 3,400 cars separate the two brands from changing the leading position.

At the profit level, BYD managed to generate 1.4 billion dollars in profit in 3 months, although it reduced the prices for its models. The advantage of these manufacturers is that they invested early in such models and managed to recover their investments faster due to the previous high prices. And the profit obtained by BYD is now 82% higher than in the same period last year.

And BYD continues to enjoy high sales growth for its electric cars, selling 151,193 electric cars this September alone. This year BYD wants to sell 1.8 million electric cars, and its growth prospects are high, because the Chinese manufacturer still has many markets where it is just beginning to expand or is not present at all.

Thus, while many other traditional manufacturers are still recording large losses in the sales of electric cars, BYD and Tesla clearly demonstrate that it is possible to do otherwise, and that when the number of cars produced is high, electric cars can also be a major source of profit.

2023-11-02 10:28:02
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