Chinese automaker BYD sold a record number of electric and hybrid vehicles in the third quarter of 2022, outpacing Tesla by almost 200,000 units. BYD's new energy passenger car sales totaled 537,164 units in the third quarter of 2022, which increased 187% YoY. Tesla sold 343,830 vehicles, which grew 3% YoY. For the first time, BYD displaced Tesla as the world’s largest electric vehicles (EVs) company by sales.
BYD, which successfully sold EVs in China, started to expand its sales reach in recent years. In July 2022, the company took over as the second-largest EV battery manufacturer globally. Recently, BYD revealed ambitions to sell passenger EVs in a number of countries in Europe. At the same time, the Chinese automaker also plans to build its first overseas passenger car plant in Thailand to expand capacity and reduce transportation costs.
According to GlobalData, the hybrid and electric car market in China grew 33.4% in 2021 to reach $105,243.8 million. Electric is the largest segment in the hybrid and electric cars market in China, accounting for 88.4% of the market, while the hybrid segment accounts for 11.6%. The market is set to grow as the adoption of new energy vehicles will continue to increase, aided by increasing affordability and a greater number of offerings, besides government incentives, and expanding infrastructure.
Automakers in China also unveiled plans to increase their production of EVs over the coming years in an effort to align with the transition to a low-carbon economy. The growth of BYD highlights the growing influence of China in the field of renewable energy, where it has advantages in a significant portion of the battery, wind, solar, and EV supply chains.
Germany
Japan
Netherlands
United States of America
Germany
Germany
South Korea
China
United States of America
Germany
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer