2024-01-02 01:20:07
Chinese Electric Vehicle (EV) manufacturer BYD Co. sold 526,409 vehicles in the fourth quarter of 2023, meaning Tesla Inc. . It will need an even bigger record to maintain its No. 1 status when it releases sales figures this Tuesday.
BYD could overtake Tesla for the first time on a quarterly basis and become the world’s largest seller of all-electric vehicles. Analysts who follow Elon Musk’s Tesla expect it to announce about 483,200 units, according to estimates compiled by Bloomberg.
BYD’s annual volumes were nearly equal to electric and hybrid vehicle sales in the previous five years combined. The Shenzhen-based company, which had an annual sales target of 3 million, recorded rapid growth in 2023, catapulting it into the top 10 global car sales rankings for the first time.
BYD has continued its aggressive global expansion plans over the past 12 months, recently choosing Hungary over other European countries to establish its first production line in Europe. The factory in the southern Hungarian city of Szeged will produce electric and plug-in hybrid vehicles for the European market and create thousands of jobs. The announcement came despite an ongoing EU anti-subsidy investigation into Chinese EVs.
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