China's BYD unseats Tesla as world’s top electric carmaker

By Tuba Ongun

China's BYD has unseated Tesla as the world's top electric carmaker by posting record sales in the last quarter of 2023, according to company figures.

Shenzhen-based BYD sold 525,409 battery electric vehicles (BEVs) from October - December and surpassed Tesla's 484,507 to become the world's EV sales carmaker, it said Monday in filing with the Shanghai Stock Exchange.

Elon Musk’s Tesla electric car sales increased 38% in 2023 from the previous year to 1.8 million, outpacing BYD's 1.57 million.

BYD said it sold more than 3 million hybrid and full battery-powered passenger cars -- surging 62% from a year earlier.