BYD launched the BYD seal in Europe at the IAA Motor Show in Munich, Germany. The electric sedan starts at €44,900 ($48,479).
Arjun Kharpal | CNBC
In 2022, Tesla produced 1.37 million vehiclesless than BYD 1.88 million. New energy vehicles include battery-powered models and hybrid models.
Most BYD cars are sold at a lower price range than Tesla cars, and come in hybrid versions. Elon Musk's automaker only sells battery-powered cars. China accounted for about a fifth of Tesla's sales in the quarter ending September 30.
BYD shares fell more than 2% in Hong Kong trading Tuesday morning.
Companies wanting to get a slice of China's fast-growing electric vehicle market have flooded the market with new models. Chinese smartphone maker Xiaomi last week detailed its plans to launch an electric car to compete with Porsche and Tesla.
Li Auto, whose monthly deliveries have risen to record levels, is set to launch its first completely battery-powered vehicle, the MEGA, On March 1st Deliveries begin later that month, according to Sunday's announcement. This is slightly behind the initial expectations of Deliveries late February.
So far, the startup has seen success with cars that come equipped with a fuel tank to charge the battery and extend driving range. Li Auto said it delivered more than 50,000 cars in December for 1 Total 376,030 cars In 2023, an increase of 182% year-on-year.
Exping on Monday It launched its X9 MPV, With deliveries starting immediately.
The Chinese electric car maker said its total deliveries of electric vehicles rose 17% year-on-year to 141,601 vehicles in 2023, with a record 20,115 vehicles delivered in December.
Aito, Huawei's new energy vehicle brand, said on Monday that orders for its M9 SUV have exceeded 30,000 in the seven days since its launch. Mass deliveries of the M9 are scheduled to begin in late February.
ITO said it delivered 94,380 vehicles in 2023, including 24,468 in December alone. For 2022, Ito said it has delivered more than 75,000 vehicles since deliveries began in March of that year.
Zeekr, which is backed by Geely, said on Monday it began deliveries of its latest model, the 007 electric sedan. Total deliveries rose 65% in 2023 to 118,685, Zeekr said.
That total figure is still lower than that of Nio, which said it delivered 160,038 vehicles in 2023, up nearly 31% year-on-year. The company delivered just over 18,000 vehicles in December.
Among many other electric car brands in China, Nezha announced the delivery of 127,496 cars in 2023.
Aion, a subsidiary of state-owned GAC Motor, said it sold more than 480,000 vehicles in 2023, up 77% year-on-year.
Several Chinese electric vehicle players, including Nio and BYD, are turning to markets outside China, especially Europe.
BYD's overseas sales in 2023 exceeded 242,000 new energy passenger vehicles, according to CNBC's calculations of public data. The company did not disclose comparable numbers for 2022.
The Chinese electric car giant announced plans in December to build a new production center in Hungary. Currently, the company said It sells five models in Europe It plans to launch three more to the region over the next 12 months.
“While the Chinese market is one of the leaders entering the era of electric vehicles, we believe that offshoring (building factories in the overseas market rather than just shipping vehicles manufactured in China) is the only way for China's leading automakers to achieve success in Chinese market. “The global market is long-term,” Joel Ying, an auto industry analyst at Nomura China, and his team said in a note dated January 2.
“Given that the company already has a bus factory in Hungary, we believe that the decision to build the first EU PV plant in Hungary will help BYD reduce potential risks in the external market,” the report said.
BYD said it sold 36,095 new energy passenger vehicles overseas in December, more than triple the number a year ago.
— CNBC's Michael Bloom contributed to this report.
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