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Gloucestershire Business News

SPECIAL REPORT: BYD zaps Tesla to top global electric car sales

It's a badge that remains under the radar of most car owners, but BYD is moving fast to change that: the Chinese electric carmaker which began life in 1995 as a maker of rechargeable batteries has now grown so rapidly that it has just taken Tesla's scalp to become the world's number one seller for emissions-free motors.

BYD stands for 'Build Your Dreams' but is it a nightmare for Elon Musk's vision of a global vehicle transition that has traditionally seen his Tesla brand as the only significant disruptor in town? BYD's initial range, on sale from late 2023 in the UK, comprises the Dolphin, from just over £25,000 and the Seal, tagged at just under £46,000.

Despite being publically dismissed by Musk in the past, with annual sales exceeding three million units in 2023, BYD concluded the year with record-breaking sales volume, smashing its own annual sales target and making the carmaker the global new energy vehicle (NEV) sales champion.

That announcement marked a second yearly achievement - but this year also saw BYD being listed among the global top 10 of car sales for the first time, with BYD's fortunes at home ensuring it retained its position as the best-selling car brand and manufacturer.

In detail, BYD's December figures saw sales of 341,043 units (a 45% increase), while it also sold 3,024,417 vehicles sold throughout the year - a 61.9% surge on 2022.

Meanwhile in California, Tesla declared 484,000 sales in the final quater, which exceeded forecasts but fell significantly short of BYD's battery-only vehicle sales of 526,000 for the same period.

While growth at the Warren Buffett-backed Chinese company has been mostly achieved on its home turf, BYD says it is sharpening its focus throughout Europe.

● Neither Tesla nor BYD as yet have dealerships in Gloucestershire (the former offers hands-on experience in Bristol while BYD is planning retail space in Cardiff). However, Cheltenham based dealership Baylis represents Chinese-owned MG Cars, a brand which has found increasing popularity among potential new EV buyers in Gloucestershire. In October, MG Cars posted profits of more than £1bn for the previous year and said that EV sales in the UK were pivotal to the company's accelerating fortune. The MG badge, which carries a century of British automotive heritage, moved to Shanghai in 2016 when manufacturing at the UK's Longbridge plant finally stopped

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