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Tesla trumps BYD in China sales - Current News 247

BYD is selling more electric cars than Tesla

Image (twitter.com/BYDCompany/media)

BYD lead Tesla to become the world’s biggest electric car company by the final quarter of 2023.

Image (twitter.com/BYDCompany/media)

BYD sold a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period to December 31, according to a stock exchange filing.

Image (twitter.com/BYDCompany/media)

The rapid growth of BYD, which is backed by Warren Buffett, is a symbol of China’s rising EV industry.

Image (twitter.com/BYDCompany/media)

China is progressing quickly in its transition to electric vehicles, thanks to strong government support for the industry.

Image (twitter.com/BYDCompany/media)

Beijing has set a target that at least 20% of new cars sold annually in China by 2025 should be new energy vehicles

Image (twitter.com/BYDCompany/media)

In the first 11 months of 2023, 8.3 million units of new energy vehicles were sold, accounting for more than 30% of total car sales

Image (twitter.com/BYDCompany/media)

China’s leading role in the global industry is also thanks to its market scale, cheap labor and supply chain dominance, according to analysts.

Image (twitter.com/BYDCompany/media)

Last month, it announced it would build an EV factory in Hungary, which would be its first passenger car plant in Europe.

Image (twitter.com/BYDCompany/media)