BYD is a Leading Passenger Electric Vehicles Manufacturer in China

By Ankit Gupta , 12 October, 2023

China’s leading electric vehicles company Build your dreams (BYD) is dominating the electric vehicles’ market with its rising sales in the first half of 2023. The electric vehicles companies in China have reported for 56 percent of the global unit sales.

According to a survey conducted, the global electric vehicle sales have increased by 50 percent year-over-year in the second quarter of 2023.  At the same time, the progress of the Chinese companies globally comes with the scalable benefits in their own land, that makes for 56 percent of the global unit sales in the second quarter of 2023. As per the analysts, BYD is the topmost passenger electric vehicles manufacturer, among the other five companies that sells most of their electric cars in the homeland. BYD with its growth in the electric vehicle industry is transforming China towards more electric mobility. The company has paced up the production of passenger electric vehicles rapidly compared to others like America and Europe.  The car manufacturers have shifted their focus from the conventional combustion vehicles to new energy vehicles, such as battery electric vehicles and plug-in hybrids. Based on the data from trusted sources, BYD increased the sales of passenger electric vehicles from 200,000 earlier to 1.86 million in 2022. The company has reached up to 3 billion total electric vehicles sales surpassing Volkswagen to become the leading electric vehicle manufacturer and seller in the first quarter of 2023.

Among various reasons there are two major reasons boosting the sales of BYD’s electric cars, such as, its models are of affordable prices, and they offer a big range of electric cars as well. The current economic conditions have impacted the prices of electric vehicles in the China in 2023. BYD has raised the cost of electric vehicles by USD 250 to USD 900 in January 2023 due to the increasing prices of raw materials and cancellation of the electric vehicles purchasing subsidies. The elimination of the electric vehicle’s subsidies will slow down the sales growth as it was the main factor behind the growth of electric vehicles, earlier in 2022. According to the data from trusted source, BYD has sold up to 1.78 million plug-in electric vehicles in August 2023, 83 percent up from the same period in 2022. Also, BYD has left behind Volkswagen in the race of best-selling car brands in the beginning of 2023 and total vehicles sales is expected to reach 3 million in 2023.