At Chinese vehicle giant BYD, profits had a phenomenal year. The firm nearly met Tesla’s estimated target of 1.8 million vehicles last year, selling 1.6 million fully battery-electric vehicles in 2023. In 2023, BYD sold 3 million vehicles when total sales of all so-called new energy vehicles—which included plug-in hybrids and battery-only vehicles—were added up. Yesterday, BYD, the leading carmaker in the world’s largest vehicle market, disclosed its sales figures. When year-end sales are totaled, they show a staggering 62% increase over 2022. Car News China reports that in the first half of last year, BYD increased its profits to $1.5 billion.
It goes without saying that the Chinese EV market is expanding, but the statistics are very startling. An increase from 6.9 million in 2022 to around 9.4 million EVs and hybrids sold last year is anticipated by Chinese automakers, based on data from the China Association of Automobile Manufacturers. The New York Times reports that the figures will rise to 11.5 million by 2024.
As China accelerates its transition to electric vehicles, the country’s electric car industry employs some 1.5 million people in addition to an endless number of manufacturing robots. In China, BYD alone has about 30,000 workers.
Despite the significant tariffs that BYD will have to deal with in the US this year, the manufacturer is continuing to expand internationally, even into Europe. It has established dealerships in Germany, Norway, and Sweden and is constructing an assembly factory in Hungary. But Europe is looking into China’s state subsidies, which might result in the EU imposing higher taxes. France has already imposed restrictions on Chinese EVs.
According to media outlet CNEVPost, BYD is also apparently celebrating its success from the previous year by giving dealers cash rewards of $280 million for assisting the company in meeting its sales targets.
