New Delhi: BYD Co, the Chinese company that leads the world in sales of battery electric vehicles (BEVs) and plug-in hybrids, reported a remarkable growth of 61.9% in its vehicle sales for 2023, reaching a total of about 3.02 million units.
The company, based in Shenzhen, China, said that it sold about 1.6 million BEVs and about 1.4 million plug-in hybrid EVs in 2023, demonstrating its strong competitiveness in both segments of the electric vehicle market.
In December alone, BYD Co sold 340,178 electric vehicles, of which 190,754 were pure battery-powered. The company attributed its impressive performance to its innovative technology, diversified product portfolio, and expanding global presence.
BYD Co, which stands for Build Your Dreams, has been pursuing its European strategy with the construction of a new manufacturing and production center in Szeged, Hungary. The plant, which will be the first of its kind built by a Chinese automotive company in Europe, will produce EVs and plug-in hybrids for the European market and create thousands of local jobs.
BYD Co aims to achieve a 10% market share in Europe by 2030 and has sold 13,000 vehicles on the continent to date through November 2023. The company also has a strong presence in other regions, such as Latin America, North America, and Asia-Pacific.
BYD Co, which was founded in 1995 as a battery manufacturer, has become a global leader in new energy vehicles and power batteries. The company’s vision is to “Cool the Earth by 1°C” by promoting the green transformation of the global energy structure.