News Summary

• Including its 1.4 million hybrids, BYD far outpaced its American competitor in 2023 with sales of 3 million passenger cars.China’s subsidies for EVs were phased out at the start of this year, but a fierce price war among makers including BYD and Tesla has kept sales buoyant..
• Whether that growth in small vehicles can be sustained remains to be seen, he said.For the entire year, BYD's EV sales rose 73% in 2023 to nearly 1.6 million vehicles, the company said in a filing Monday with the Hong Kong Stock Exchange..
• It rivals Tesla in size but not yet in reach.“Most of BYD’s EVs were sold in China despite its fast-growing overseas sales, whereas Tesla is already a global player,” said Jing Yang, the director of China corporate research at Fitch Ratings.The company is expanding into new markets..
• China is a major market and production base for Tesla, which exports cars to Europe and elsewhere from China.BYD's growth has been primarily at home, where it has benefited from the huge Chinese market and government policies to encourage the EV industry..
• The total still fell short of Tesla, which announced the next day that its annual sales were up 38% to 1.8 million cars.Unlike Tesla, BYD also makes hybrid vehicles..
• By 2008, Wang was eyeing the electric vehicle market.BYD has stopped producing gasoline cars..