It was a huge year for profits at Chinese auto behemoth BYD. In 2023, the company sold 1.6 million fully battery-electric vehicles last year, coming close to Tesla’s projected goal of 1.8 million vehicles. Adding up sales for all so-called new energy vehicles, including battery-only vehicles and hybrids, BYD sold 3 million vehicles in 2023.
BYD, the country’s dominant automaker in the world’s largest auto market, released its sales numbers yesterday. Tallying up its year-end sales, it’s a massive 62% growth from 2022. BYD tripled its profits to $1.5 billion in the first half of last year, according to Car News China.
Of course, the Chinese EV market is booming – but looking at the numbers, it’s pretty staggering. Chinese automakers expect to have sold some 9.4 million EVs and hybrids last year, a bump from 6.9 million in 2022, according to data from the China Association of Automobile Manufacturers. For 2024, those numbers are expected to jump to 11.5 million, according to the New York Times.
In China, some 1.5 million people (and a countless number of factory robots) work in the electric vehicle industry as the country surges ahead in its EV transition. BYD alone employs some 30,000 employees in China.
BYD will be facing some high tariffs in the US this year, but the automaker is pushing ahead with its global expansion, including in Europe. It is building an assembly plant in Hungary and has opened dealerships in Germany, Norway, and Sweden. However, Europe is investigating China’s state subsidies, which could lead to higher tariffs by the EU. France has already put limits on EVs from China.
BYD, too, is reportedly celebrating its good fortune last year by rewarding dealers with cash to the tune of $280 million for helping the company reach its sales goals, according to media outlet CNEVPost.
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