BYD overtakes Tesla sales for first time but Elon's brand remains BEV king

BYD has overtaken Tesla in electric vehicle sales for the first time in a quarter, closing the gap to the world's leading EV producer.

China's BYD – for Build Your Dreams – registered 526,000 battery electric vehicle (BEV) sales in the last three months of 2023, pushing it clear of Tesla's 484,500 units for the same period.

The majority of BYD's sales remain in China where it is the number one car maker, though its exports grew by 334 percent in 2023 - to 242,765 units, spread across 70 countries including Australia.

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BYD sold more than three million vehicles globally last year, though almost half of that total – 1.4 million – comprises plug-in hybrid vehicles.

With about 1.6 million BEV sales, it wasn't enough to ursurp Tesla, which registered 1.84m sales in 2023 to maintain its status as the global king of EV sales.

That fell short of the 2m figure Tesla CEO Elon Musk had suggested was possible in late 2022.

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Tesla had kept pricing low for its two primary offerings, the Model 3 sedan and Model Y SUV (pictured above) - and was especially active with incentives in the US ahead of an end for federal tax credits for EVs.

BYD's aggressive international growth push could hit a hurdle in Europe, where the European Commission has initiated an anti-subsidy investigation into Chinese imports.

BYD has emerged as Tesla's biggest rival in Australia, though sales were still about a quarter of the US brand's total up to November 2023.

The BYD Seal sedan – a cheaper direct rival to the Model 3 – was only released right at the end of 2023, joining the Atto 3 SUV and Dolphin hatch.