BYD to Soon Surpass Tesla in EV Sales

BYD is gaining ground on Tesla as the world's largest EV seller, with the Chinese automaker gaining traction in its global sales push.

Last quarter, BYD came dangerously close to overtaking Tesla in terms of sales, owing partly to manufacturing downtime, which resulted in Tesla's first delivery fall in over a year. BYD sold 431,603 fully electric vehicles in the three months ending September 30, a 23% increase over the previous quarter. In comparison, Tesla shipped 435,059 cars globally during the same time period, with a 3,456-vehicle difference between the two, the smallest margin to date.

Taylor Ogan, CEO of Snow Bull Capital, a Shenzhen-based hedge fund holding shares in both companies, confidently predicted, "BYD will sell more fully electric passenger vehicles than Tesla in the fourth quarter."

BYD sold 822,094 vehicles, including hybrid models, achieving another record-breaking quarter and consolidating its position as China's top-selling auto brand. BYD has broadened its market appeal by delivering low-cost vehicles to many customers.

The business launched two premium EV brands, Yangwang and Fang Cheng Bao, with a price tag of 1 million yuan (USD 137,000)—more than double the price of some of its previous high-end vehicles. Furthermore, it introduced two low-cost versions, the Seagull and Dolphin, undercutting competitors in pricing.

The expansion of BYD's exports is also contributing to its success. The business, which makes batteries and semiconductor chips, wants to increase its international sales to supplement its dominance in the Chinese market.