- Written by Peter Hoskins
- business reporter
Chinese company BYD is one step closer to overtaking Elon Musk’s Tesla as the world’s largest electric car maker.
The company said on Monday that it sold a record 526,000 battery-only vehicles in the past three months of 2023.
This was due to a jump in sales of more than 70% in December.
U.S.-based Tesla is expected to release its latest quarterly auto production and delivery numbers before Wall Street opens on Tuesday.
According to the company, approximately 1.6 million of the total sales were battery-only vehicles.
Industry analysts expect Tesla to sell about 483,000 electric vehicles in the final three months of 2023, and 1.82 million electric vehicles for the year.
Musk said in January last year that Tesla could deliver 2 million cars in 2023, but has since warned that rising borrowing costs were weighing on demand for its cars. .
BYD CEO Wang Chuanfu co-founded BYD with his cousin in 1995 in Shenzhen.
The company made a name for itself as a maker of rechargeable batteries used in smartphones, laptops and other electronic devices that compete with more expensive Japanese imports.
The company began selling on the stock market in 2002 and sought to diversify by acquiring Qinchuan Automobile Co., Ltd., a state-owned automaker that was in financial trouble.
Since 2008, BYD has counted Berkshire Hathaway, led by veteran US investor Warren Buffett, as a shareholder.
Analysts say BYD’s growth is due to its core business of batteries. These are some of the most expensive parts of an EV, and BYD can save a lot of money by manufacturing them in-house.
Many of BYD’s competitors rely on third-party manufacturers for their batteries.