Atto-3 SUV / Source: BYD Europe
This year has been a hugely profitable year for Chinese auto giant BYD. The company sold 1.6 million fully battery electric vehicles in 2023, approaching Tesla’s projected goal of 1.8 million. Adding up sales of all so-called new energy vehicles, including battery-only vehicles and plug-in hybrid vehicles, BYD will have sold a whopping 3 million vehicles in 2023.
BYD, the country’s leading car manufacturer in the world’s largest car market, announced its sales figures yesterday. Aggregating sales at the end of the year shows a significant growth of 62% from 2022. BYD’s profits tripled to $1.5 billion in the first half of last year. china auto news.
Of course, China’s EV market is booming, but the numbers are pretty staggering. Chinese automakers expect to sell about 9.4 million EVs and hybrids last year, up from 6.9 million in 2022, according to data from the China Automobile Manufacturers Association. According to 2024, that number is expected to jump to 11.5 million people. new york times.
Approximately 1.5 million people (and countless factory robots) work in China’s electric vehicle industry as the country rapidly transitions to electric vehicles. BYD alone employs about 30,000 people in China.
BYD is expected to face some high tariffs in the U.S. this year, but the company is expanding globally, including in Europe. It is building an assembly plant in Hungary and has opened sales outlets in Germany, Norway, and Sweden. But Europe is investigating Chinese state aid, which could lead to higher EU tariffs. France already has restrictions on EVs from China.
According to media reports, BYD also celebrated their good fortune last year by giving away $280 million worth of cash to dealers who helped the company reach its sales goals. CNEV Post.
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