BYD & Tesla's Ambitious EV Deliveries in 2023

BYD has revealed that it sold 526,000 battery-only vehicles, in the final quarter of 2023, outrunning Tesla for the first time. 

BYD is leading the charge in new energy vehicles 

BYD is a high-tech enterprise, based in Shenzhen, China, which was established in 1995. BYD's Chief Executive Wang Chuanfu co-founded BYD with his cousin. The company is a leader in IT, automobile and new energy and is the biggest supplier of rechargeable batteries in the world. 

Across 2023, BYD sold over 3m ‘new energy vehicles’ (NEVs), such as battery-only vehicles and hybrids. The company has also confirmed that it will build a new factory in Szeged, Hungary, for the production of (NEVs), which will be sold in Europe. This is expected to create “thousands of local jobs, boosting the local economy and supporting local supply chains”. 

One of BYD’s sources of success is that it builds its own batteries, instead of using third-party manufacturers. Batteries are easily the most expensive part of an electric vehicle. It is this flexibility which BYD believes has supported its sales.

Tesla's ambitious 2023 deliveries for EVs

As these results show, BYD is leading the new energy revolution, yet for the whole of 2023, Tesla still sold more.

Tesla announced that it delivered a record of its own - selling 484,500 electric vehicles between October and December 2023, totaling 1.8m over the whole year. Despite reducing prices repeatedly, this still fell short of Tesla CEO Elon Musk’s prediction that Tesla could hit two million deliveries in 2023.

Musk might be more focused on driving X forward, despite dropping ad revenue. However, Musk made a prediction for Tesla’s future growth on X itself. 

“I stand by my prediction that, if Tesla executes extremely well over the next 5 years, that the long term value could exceed Apple and Aramco combined,” Musk posted on X. 

Apple’s market capitalisation sits at US$2.99trn, while oil and gas giant Aramco is at US$2.13trn. Tesla’s current market cap stands at $778.6bn. 

Since 2008, Warren Buffett's Berkshire Hathaway has been a shareholder of BYD, but Buffett has sold BYD shares repeatedly in recent years.

"We don't want to compete with Elon in a lot of things," Buffett explained, but it is thought that the investor is playing cautiously against the geopolitical tensions between China and Taiwan.

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