BYD is once again the world champion in sales of electrified vehicles.

BYD finished 2023 with a record number of sales of electrified vehicles (electric and plug-in hybrid), becoming the global champion in this field. By surpassing the target of 3 million annual sales they had set for themselves, this Chinese manufacturer has outpaced American manufacturer Tesla for the second consecutive year.

In a statement released today to announce this, BYD also revealed that it has made it onto the list of the top 10 brands with the highest number of passenger vehicle sales worldwide for the first time. Additionally, in the Chinese market, they maintain their position at the top of the passenger vehicle sales rankings.

In December, their sales reached 341,043 units, an increase of 45% compared to 2022. Their annual sales totaled 3,024,417 vehicles, representing a 61.9% increase compared to the previous year.

Meanwhile, this morning Tesla announced that their vehicle deliveries totaled 1,808,581 units in 2023, compared to 1,313,851 in 2022.

BYD’s success, which stands for “Build Your Dreams,” reflects a business strategy aimed at entering new markets. In 2023, for example, the brand expanded to Mexico, Finland, Iceland, Spain, Colombia, Brazil, Panama, and Hungary. Founded in 2003, BYD is now present in over 70 countries on six continents. This explains why their exports increased by 334.2% to 242,765 units last year.

Clearly, this manufacturer does not intend to stop there. In December, they announced the construction of a new factory in Szeged, Hungary. It will be their second assembly plant in the country and their third in Europe. The other two, in Hungary and France, have been producing electric buses since 2018. However, this one will be dedicated to the assembly of passenger vehicles.

Furthermore, BYD continues to diversify its product range. At the Shanghai Auto Show last April, they unveiled three new mass-market models: the BYD Seagull and Chaser, as well as the Song L concept. The manufacturer also presented new offerings for the Fangchengbao and YangWang brands, both launched in 2023 to target the luxury segment, as well as for the Denza brand, which was created in 2012 in partnership with Mercedes-Benz.

Many industry analysts believe that BYD’s entry into the Canadian and US markets is only a matter of time. Mexico, where the brand was launched in November 2022, could serve as a stepping stone.

It’s worth noting that the BYD brand is already present in Canada. In addition to the handful of e6 taxis imported to the country in 2018 for the “E-Taxi” project, which did not last long, the manufacturer opened an electric bus assembly plant in Newmarket, Ontario, in 2019.