In 2023, Chinese automaker BYD reported impressive profits, selling 1.6 million fully battery-electric vehicles (BEVs) and a total of 3 million new energy vehicles (NEVs), including BEVs and plug-in hybrids. This significant achievement positioned BYD close to Tesla’s projected goal of 1.8 million vehicle sales. BYD’s overall sales for NEVs experienced a massive 62% growth from 2022, contributing to the company’s tripled profits of $1.5 billion in the first half of the year.
The Chinese electric vehicle (EV) market is booming, with local automakers anticipating the sale of around 9.4 million EVs and hybrids in 2023, up from 6.9 million in the previous year. Projections for 2024 suggest further growth to 11.5 million units. The expansion of the EV market in China has led to the employment of approximately 1.5 million people, highlighting the industry’s significant role in the country’s economic landscape. BYD alone employs around 30,000 individuals in China.
While BYD faces high tariffs in the US, the company is committed to global expansion, including entering the European market. BYD is constructing an assembly plant in Hungary and has established dealerships in Germany, Norway, and Sweden. However, Europe is currently investigating China’s state subsidies, which could result in higher tariffs imposed by the European Union. France has already implemented limitations on EVs imported from China.
In recognition of its successful year, BYD is reportedly rewarding dealers with cash incentives totaling $280 million for their contributions to achieving the company’s sales goals.