China's BYD has achieved record sales in 2023, bringing it closer to surpassing Tesla as the global leader in electric vehicles. The company experienced a 62% increase in global sales, selling over three million units last year. BYD sold 1.57 million battery electric vehicles (BEVs), a 73% increase from the previous year, and 1.44 million hybrids, a 52% increase. In comparison, Tesla is expected to have met its annual delivery target of 1.8 million BEVs. BYD's growth is a reflection of China's booming EV industry, supported by government incentives and policies. China aims for at least 20% of new car sales to be new energy vehicles (NEVs) by 2025 and for NEVs to become the mainstream by 2035. The country has already achieved its 2022 target and is on track to reach its 2035 goal earlier than expected. The success of Chinese EV makers is also attributed to factors such as market scale, cost advantages, and government support. However, intense competition and a price war have impacted the profit margins of car manufacturers in China. In response, Chinese car makers are expanding internationally to mitigate the slowing domestic market. BYD, for instance, plans to build an EV factory in Hungary as its first passenger car plant in Europe.
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