Most popular BEV manufacturers worldwide 2023
Tesla maintained its position as the world's leading battery-electric vehicle (BEV) manufacturer in 2023, selling approximately 1.8 million units. This achievement comes as the global BEV market experiences significant growth, driven by increased environmental awareness and government initiatives to reduce transport emissions. However, Tesla's dominance is being challenged by emerging competitors, particularly from China, as BYD and SAIC secured the second and third positions in global BEV sales for 2023.
Revenue growth and model expansion fuel success
Tesla's success in the BEV market is reflected in its financial performance, with revenue reaching nearly 96.8 billion U.S. dollars in the 2023 fiscal year, an 18.8 percent increase from the previous year. The company's automotive segment, which includes vehicle design, manufacturing, and sales, generated over 78.5 billion U.S. dollars. For the past years, Tesla's Model Y has emerged as its best-selling vehicle, leading global plug-in vehicle sales in 2023. The company's continued focus on expanding its model range and production capacity has helped maintain its market leadership.
Chinese brands gain ground in electric vehicle market
While Tesla remains the global BEV leader, Chinese manufacturers are making significant strides in the electric vehicle market. BYD Group, China's leading OEM, reported revenue of over 602 billion yuan in 2023, with electric vehicles and related products accounting for more than 80 percent of its total revenue. BYD overtook Tesla as the best-selling electric vehicle brand in 2022 and maintained its position through 2023, selling nearly 2.88 million plug-in electric vehicles globally. The rapid growth of Chinese brands in the BEV market highlights the increasing competition and the importance of the Chinese market in the global electric vehicle industry.
