"BYD Surpasses Tesla in Global EV Sales with Record 3 Million Vehicles in 2023"

Chinese automaker BYD is closing in on Tesla's lead in the global electric vehicle (EV) market after a 62% surge in sales in 2023, selling over three million units, including 1.57 million battery electric vehicles (BEVs) and 1.44 million hybrids. With strong government support and a target for new energy vehicles (NEVs) to be 20% of new car sales by 2025—a goal already met in 2022—China is rapidly advancing in the EV industry. Despite a price war and reduced profit margins in the domestic market, Chinese car makers like BYD are expanding internationally, with plans to build an EV factory in Hungary. Tesla, which focuses solely on BEVs, is expected to have met its annual target of 1.8 million units, but BYD's recent growth suggests it may soon overtake the U.S. company as the world's top EV seller.