Advantage China: BYD becomes first car-maker to build six million plug-in vehicles and is set to overtake Tesla for EV sales

AutoExec Summary
BYD has become the first car-maker to produce over six million New Energy Vehicles (NEVs), surpassing US car-maker Tesla. NEVs include plug-in hybrid (PHEVs), range-extender hybrids, and pure-electric cars (EVs). BYD is now China’s largest car-maker and has overtaken Tesla in the NEV market, commanding 35% of the market. The company has been in existence for 20 years and shifted to producing NEVs in April 2022. Tesla celebrated its five-millionth car in September 2023 and is expected to reach six million in early 2024. Toyota still dominates in electrified vehicles, producing over 15 million. BYD plans to deliver almost 1.75 million EVs in 2023, aiming to surpass Tesla and become the world’s largest EV maker.

Brands mentioned: BYD, Tesla, Toyota