Chinese automaker BYD has reported a significant milestone in its electric vehicle (EV) sales, with a record-breaking 3,024,417 new energy vehicles sold in 2023. This figure represents a remarkable year-on-year increase of 62.3%, surpassing the previous year’s sales record of 1,863,494 vehicles.

The impressive growth in sales is attributed to BYD’s commitment to new energy vehicle production, with 3,045,231 units manufactured in 2023—a 62.2% increase compared to the previous year. The commercial vehicle segment played a crucial role, recording sales of 11,511 units, including electric buses, trucks, and other vehicles, experiencing a notable uptick of 88.2%.

In the passenger car business, BYD’s sales reached 3,012,906 units, marking a year-on-year increase of 62.2%. Notably, the sales of pure electric models surged, totalling 1,574,822 units with a robust year-on-year growth of 72.8%. Battery electric vehicles (BEVs) accounted for 52.3% of total passenger car sales, reflecting increasing consumer preference for electric mobility.

Plug-in hybrid models also exhibited substantial growth, with sales reaching 1,438,084 units in 2023—a year-on-year increase of 52.0%. BYD’s overseas electric vehicle sales saw remarkable growth, reaching 242,766 vehicles sold outside China in 2023, reflecting a year-on-year increase of 334%.

BYD has positioned itself as a significant player in battery production, achieving a new energy vehicle power and battery installed capacity of 150.909GWh in 2023, securing the second position globally, surpassed only by CATL.

The company had set an ambitious goal of selling 3 million vehicles in 2023, a target that was initially met with skepticism. However, BYD not only achieved but exceeded this goal. To celebrate this achievement, BYD is providing subsidies to all its dealers in China, offering a reward of 666 yuan (RM430) for every car sold in 2023, marking a significant milestone in its automotive journey.