BYD dominates the global market for electric cars.

BYD sold a total of 3.02 million new energy vehicles in 2023, including 1.6 million battery electric vehicles and 1.4 million hybrid vehicles.

This figure places the Chinese giant of electric cars on the right track to surpass Tesla’s production for the second consecutive year.

The company halted the production of gasoline-powered cars in March 2022.

Tesla has not yet announced its annual figures, although it stated that it produced 1.35 million cars during the first three quarters of 2023.

Tesla is expected to announce a significant increase in its global sales this week following price reductions at the end of last year, and with customers benefiting from US tax exemptions.

In 2022, Tesla produced 1.37 million cars, while BYD produced 1.88 million cars. The new energy vehicles include battery-operated models and hybrid models.

Most BYD cars are sold at a lower price range compared to the price range of Tesla cars, and they come in hybrid versions, while Tesla sells cars that are solely battery-powered.

China is currently the world’s largest car market and has quickly become the fastest-growing market, as it advances in the transition to electric vehicles.

China controls the supply chain for battery-powered vehicles, from mining and processing cobalt and other minerals used in batteries, to deploying robots in factories that produce cars and trucks.

Electric car companies in China and their suppliers employ approximately 1.5 million individuals.

The significant financial support provided by the government for the development of the industry was a major reason behind China’s early leadership in electric cars.

Car manufacturers decreased car prices in order to attract buyers after the consumer financial incentives ended at the end of 2022.

Several companies, including BYD, have introduced new discounts this fall, leading to an escalation in the price war that began earlier this year.

BYD sells most of its cars in China and is expanding globally, especially in Europe, despite facing high tariffs in the American market.

Tesla and BYD are competing for the title of the global leader in the electric car industry, although they face competition from automotive companies that are spending billions of dollars to catch up.