China's BYD Surpasses Tesla as World's Largest EV Maker

China Becomes World's Largest Car Exporter as Volkswagen and GM Struggle in Chinese Market

Chinese automaker BYD has overtaken Tesla as the world's largest electric vehicle (EV) maker, with deliveries soaring 61.9% year on year to 3.02 million in 2023.
China has become the world's largest car exporter, with more than 3.8 million vehicles exported in 2023, a 62% increase from the previous year.
Volkswagen and General Motors are losing ground in China's car market to local EV makers, with GM's deliveries on the mainland falling 8.7% to 2.1 million units last year.
China's EV market is booming, with the government looking at using EVs as a power source for its electrical grid. A recent 'reverse charging' trial provided enough electricity to power 133 households for a day.
Despite the growth in EV sales, many consumers are still hesitant due to concerns about the vehicles' range, high prices, insufficient financial incentives, and too few choices.