BYD Co., based in the southern China tech hub of Shenzhen, dethroned Texas-based Tesla Inc. as the top seller of electric cars in the last three months of 2023, according to sales figures released by the companies this week.
But BYD last year sold 1.6 million fully electric vehicles and another 1.4 million hybrids, which are powered by both batteries and gasoline. Together that is a 62% increase over 2022. BYD is also making money, tripling its profit to $1.5 billion in the first half of last year. All told, Chinese automakers are expected to have sold about 9.4 million electric vehicles and hybrids last year, an increase from 6.9 million in 2022, according to the China Association of Automobile Manufacturers. The group said it expected sales in 2024 to rise again, to 11.5 million.
China's GAC showcases its ERA car model, pollution-free made with bio-materials. One of China's Biggest Automaker, GAC motors has unveiled a virtually pollution-free hydrogen concept car, coined as the ERA model, during its Guangzhou Auto Show as per Interesting Engineering.
Europe s Electric Vehicle: The competitive threat has spurred the European Union to launch an investigation into Beijing s support for its EV industry. That adds to tech-related tensions between the West and China, which is one of Europe s biggest trading partners and the world s biggest auto market.
When Laima Springe-Janssen was looking to replace her French-made gasoline-powered SUV with an electric car, she considered models from Volvo and Nissan. The Volvo extras she wanted would have busted her budget, while the Nissan lacked the “wow factor.” The Copenhagen, Denmark, resident ended up buying a compact SUV from China’s BYD.