China’s BYD , Surpasses Tesla Sales.<br />BYD became the largest electric vehicle <br />company in the world in Q4 2023, CNN reports. .<br />During the last quarter of the year, the <br />Chinese company, backed by Warren Buffett, <br />sold 525,409 battery electric vehicles (BEVs). .<br />Tesla only sold 484,507, although it was <br />still a record for Elon Musk's venture. .<br />However, when considering the year as a <br />whole, Tesla outpaced BYD with 1.8 million <br />BEVs sold, compared to 1.57 million for BYD.<br />However, when considering the year as a <br />whole, Tesla outpaced BYD with 1.8 million <br />BEVs sold, compared to 1.57 million for BYD.<br />The data means that the gap between <br />Tesla and BYD is narrowing.<br />In 2022, Tesla sold 400,000 more <br />units than its Chinese rival.<br />In 2023, the gap was only <br />at about 230,000 units. .<br />Beijing previously set a goal that 20% of new <br />vehicles sold each year in China would be new energy <br />vehicles (BEVs, plug-in hybrids, etc.) by 2025.<br />The country has already reached <br />that goal and would like new energy <br />vehicles to be "mainstream" by 2035.<br />Miao Wei, former minister of China’s Ministry of Industry <br />and Information Technology, expects new energy vehicles to make up 50% of the market by 2025 or 2026, CNN reports. .<br />China is now leading in production <br />and increasing its comparative edges, <br />banking on its massive domestic <br />market and the first mover advantage, Analysts from Natixis Asia, <br />a French investment bank, <br />via Nov. 2023 report
