Despite its success, Tesla still fell short of its Hong Kong-based competitor, BYD.
While Tesla solely produces battery-operated vehicles, BYD makes battery-powered and hybrid models, giving it a leg up to those who aren’t looking for an exclusively electric car.
In 2023, BYD reported that it produced 1.6 million battery-only EVs and 1.4 million hybrids. The company says that it sold about 3.02 million units throughout the year.
It’s an impressive win over Tesla, considering BYD just ceased manufacturing gasoline-powered cars in 2022. In China, Tesla was reported to account for just one-fifth of overall automotive sales.
