China’s BYD said on January 1 that its sales of pure electric vehicles (EVs) hit 526,409 in the fourth quarter of 2023. The number surpassed the worldwide sales of U.S. EV maker Tesla at 484,507, making BYD the world’s biggest EV maker.
BYD debuted its first electric cars at the Beijing International Auto Show in 2004. At the time, it was the only company showing electric cars there and the company’s founder Wang Chuanfu says many consumers had their doubts. Headquartered in Shenzhen in south China’s Guangdong Province, BYD was first established in 1995 as a battery manufacturer.
After decades of growth, BYD has now become a leading automaker in China, and is becoming more recognized globally, not only for its shares held by U.S. investment guru Warren Buffett, but also for the pace of its overseas expansion. Last year, it sold 3.02 million cars, including both pure electric and plug-in hybrid models, becoming the best-selling EV maker in China in 2023.
According to Cui Dongshu, Secretary General of the China Passenger Car Association,
