Photo: BYD
Elon Musk said Tesla would grow 50% every year, but delivered only 40% more EVs in 2022 than in 2021. BYD did not set targets – at least that we are aware of – but handed 184% more BEVs to customers last year than in 2021. And the comparison can be even worse for the American EV maker if you also count plug-in hybrid electric vehicles (PHEVs).
In China, battery electric vehicles (BEVs) and PHEVs fit the same classification: new energy vehicles (NEVs). In 2021, BYD sold 593,745 units of these products, jumping to 1,868,543 last year – a 214.7% increase. In other words, the Chinese manufacturer more than doubled its BEV and PHEV production.
At this pace, BYD will beat Tesla in 2023 as the largest BEV maker in the world. For those who count PHEVs, that already happened in 2022, but the fact is that BYD lagged Tesla by 402,711 vehicles: the American EV maker sold 1,313,851 EVs, while the Chinese carmaker achieved 911,140 units. In 2021, Tesla sold 936,222 units – or a bit more than BYD did in 2022. In the same year, the Chinese manufacturer handed 320,810 BEVs. Unfortunately for Tesla, BYD should accelerate even more in 2023.
The Chinese carmaker is aggressively expanding into new markets. In those countries where it already sells its cars, the plan is to have more dealers. BYD is also opening new factories, planning to present new vehicles and even new brands. On January 5, we will see the first one from Yangwang. Meanwhile, Tesla sells four EVs, the same ones it had sold since March 2020, when it started delivering the first units of the Model Y.
If BYD improves its results in its home market alone, that will already represent a massive boost. After all, China is the country that buys more vehicles globally. That is what should happen if we check what the automaker managed to do in December alone.
With 235,197 NEVs sold, it broke another monthly record, something it has been doing non-stop since February 2022. Talking about the past months, the company has been selling more than 200,000 NEVs since September. The December result is 2.1% higher than its sales in November.
When we talk only about BEVs, they represented 111,939 units in December. Tesla does not disclose its monthly sales numbers, but all we have to do is divide the 405,278 EVs delivered in Q4 2022 to have the average per month: 135,092 cars. That shows how close BYD is to claim the title of largest BEV maker worldwide. Either the American EV maker becomes more competitive, or it will soon lose the title of largest BEV manufacturer worldwide, which should also have immediate effects on share prices.
At this pace, BYD will beat Tesla in 2023 as the largest BEV maker in the world. For those who count PHEVs, that already happened in 2022, but the fact is that BYD lagged Tesla by 402,711 vehicles: the American EV maker sold 1,313,851 EVs, while the Chinese carmaker achieved 911,140 units. In 2021, Tesla sold 936,222 units – or a bit more than BYD did in 2022. In the same year, the Chinese manufacturer handed 320,810 BEVs. Unfortunately for Tesla, BYD should accelerate even more in 2023.
The Chinese carmaker is aggressively expanding into new markets. In those countries where it already sells its cars, the plan is to have more dealers. BYD is also opening new factories, planning to present new vehicles and even new brands. On January 5, we will see the first one from Yangwang. Meanwhile, Tesla sells four EVs, the same ones it had sold since March 2020, when it started delivering the first units of the Model Y.
If BYD improves its results in its home market alone, that will already represent a massive boost. After all, China is the country that buys more vehicles globally. That is what should happen if we check what the automaker managed to do in December alone.
With 235,197 NEVs sold, it broke another monthly record, something it has been doing non-stop since February 2022. Talking about the past months, the company has been selling more than 200,000 NEVs since September. The December result is 2.1% higher than its sales in November.
When we talk only about BEVs, they represented 111,939 units in December. Tesla does not disclose its monthly sales numbers, but all we have to do is divide the 405,278 EVs delivered in Q4 2022 to have the average per month: 135,092 cars. That shows how close BYD is to claim the title of largest BEV maker worldwide. Either the American EV maker becomes more competitive, or it will soon lose the title of largest BEV manufacturer worldwide, which should also have immediate effects on share prices.
2022 Total Sales
— BYD (@BYDCompany) January 3, 2023
1,868,543 #ElectricVehicles & #phev sold!
YOY growth of 152.5% & 137.3% respectively
? From 1st EV + PHEV sold to 1,000,000 in sales it took 13 years
? 1,000,000 to 2,000,000 in 1 year
? 2,000,000 to 3,000,000 in 6 months#BuildYourDreams #BYD pic.twitter.com/Ev00OBpeKb
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