China's BYD Overtakes Tesla in Q4 2023

The electric car manufacturer BYD sold more than 500,000 battery electric vehicles (BEV) worldwide in the fourth quarter of 2023 - elevating the Chinese company above the deliveries of its U.S. competitor Tesla for the first time.

BYD's vehicle production also increased significantly last year - at 3.02 million vehicles in 2023, it was almost twice as high as in the previous year. However, around 1.4 million of these cars were hybrids, while Tesla is still ahead in terms of all-electric cars with around 1.84 million vehicles produced.

BYD, short for "Build Your Dreams", sells around 90 percent of its vehicles on the domestic market. However, the company intends to focus more on Europe in the future. Five different BYD models are currently available in Europe, with three more to be added in 2024. There are also plans for a new factory in Hungary.