BYD, the Chinese new energy vehicle (NEV) manufacturer, has officially claimed the title of the world's leading seller of Battery Electric Vehicles (BEVs), outpacing Tesla in fourth-quarter deliveries. Tesla announced deliveries of 484,507 vehicles in Q4 and a total of 1,808,581 for the full year of 2023.
In contrast, BYD reported sales of 526,409 passenger BEVs in the fourth quarter, marking an 8.65 percent increase over Tesla's fourth-quarter deliveries. Notably, BYD ceased production and sales of internal combustion engine vehicles in March 2022, redirecting its focus towards manufacturing Plug-in Hybrid Vehicles (PHEVs) and pure electric vehicles.
In addition to BEVs, BYD also recorded sales of 416,242 passenger PHEVs in the fourth quarter. Combining both categories, BYD achieved sales of 942,651 passenger NEVs, representing a significant 94.56 percent increase compared to Tesla's deliveries.
When including 2,128 commercial NEVs, BYD's overall NEV sales for the fourth quarter reached 944,779 units. Despite finishing the full year of 2023 with 1,574,822 passenger BEVs, BYD fell short of Tesla's total deliveries.
For the entire year of 2023, BYD accomplished its target of selling 3,024,417 NEVs, securing its position as a major player in the global BEV market.
In the third quarter, BYD and Tesla held a similar market share, both capturing 17 percent, as reported by market researcher Counterpoint Research. Counterpoint's analysis predicted BYD's overtaking of Tesla in the global BEV market leadership by the fourth quarter, a forecast that has materialized with BYD's recent delivery figures.