China BYD sold 3.02 million cars last year... Tesla projected to sell 1.82 million cars

BYD Sales Increase by 62% Year-on-Year
Far Surpassing Tesla's Growth Rate (37%)

Chinese new energy vehicle brands recorded a sharp increase in annual production last year. The top seller was BYD, with over 3.02 million units sold.

According to local media such as China’s First Financial Daily on the 1st, BYD's vehicle sales last year reached 3,024,417 units, a 62% increase compared to the same period the previous year. This significantly exceeded the sales target of 3 million units set at the beginning of the year. Electric vehicles (EVs) sales increased by 73% year-on-year to 1.57 million units, while plug-in hybrid vehicles (PHVs) sales rose by 52% year-on-year to 1.43 million units.

[Image source= Xinhua News Agency]

Not only domestic sales but also exports to Southeast Asia, including Thailand and Europe, showed steady growth. Last year, BYD's overseas sales reached 242,800 units, accounting for nearly 8% of total sales. In the past month alone, sales totaled 36,100 units, marking the third consecutive month since October with monthly sales exceeding 30,000 units. The strong sales of the newly launched low-cost compact electric vehicle 'Seagull' and the electric and PHV sedans 'Seal' supported export growth.

Following BYD, Guangzhou Automobile’s electric vehicle brand Aion (480,300 units), startup Li Xiang (376,030 units), as well as Weilai (160,038 units), Lingpai (144,155 units), and Xiaopeng (141,601 units) ranked among the top sellers.

Among the top 10 electric vehicle companies, the joint venture between Alibaba and Shanghai Automotive, Zhiji Auto, showed remarkable growth. Zhiji Auto sold 38,253 units last year, achieving a 665% increase compared to the previous year. Other companies such as Li Xiang (182%) and Lantu (160%) also significantly increased their sales volume.

Internal combustion engine vehicle manufacturers and foreign companies in China were excluded from this tally. According to a survey conducted by financial information firm LSEG targeting 14 analysts, Tesla is estimated to have sold 1.82 million electric vehicles worldwide last year. This represents a 37% increase compared to the previous year and aligns with Tesla’s annual delivery target of approximately 1.8 million units announced earlier this year. However, it falls short of the unofficial target of 2 million units disclosed by Tesla CEO Elon Musk at the beginning of the year.