Chinese Automaker BYD Posts Record Deliveries and Profits in 2022 Challenging Tesla’s Market Share

Chinese automaker BYD reported record deliveries in 2022, which helped the company quintuple profits.

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BYD sold a boastful 1.86 million EVs and PHEVs just in 2022, which is more than the previous four years combined.

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Tesla and BYD have a positive relationship, and Tesla's CEO, Elon Musk, acknowledges some of the EV makers in China as Tesla's only true rivals.

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In March 2023, BYD's sales of fully electric vehicles almost doubled the number from March 2022, reaching 102,670.

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50% of BYD's total production is made up of BEVs, and this share is believed to rise as consumers give up on hybrids.

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BYD's total deliveries for the first quarter of 2023 rose to 260,000, narrowing the gap with Tesla, which delivered 440,808 vehicles in the same period.

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BYD's net income for 2022 skyrocketed 446% to 16.6 billion yuan ($2.4 billion), slightly surpassing analysts' expectations.

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Petrol and diesel car sales have been plummeting in key markets, especially in China, while EV manufacturers BYD and Tesla have experienced huge growth.

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Japanese brands, like Toyota, are down 40% year-on-year in China, and German brands, including VW, are down 21%.

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BYD now has about twice as much market share in China as Tesla for battery-electric vehicles.

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