BYD Surpasses Tesla in Global EV Sales, Reports Record January Performance

Chinese electric vehicle giant BYD has outpaced Tesla in global electric vehicle sales, marking a significant shift in the industry dynamics.

BYD reported a 33.1% year-over-year increase in sales volume for January 2024, with significant growth in both domestic and overseas markets.
The company's electric vehicle sales grew nearly 50% in January, as exports reached a new high with 36,174 units delivered overseas.
BYD's success comes amid a broader slowdown in the Chinese EV market, with competitors like Li Auto, Xpeng, and Nio experiencing sharp drops in January sales.
The company's net profit for the financial year 2023 is expected to be at least 74.5% higher than the previous year, reflecting increased sales and market share.
BYD's expansion into new markets and segments, including the launch of its luxury Yangwang brand, is contributing to its growing dominance in the global EV market.