According to a stock exchange filing, Chinese electric-car maker BYD sold 525,409 battery electric vehicles in the three-month period to December 31, 2023 and became the world’s biggest electrical car company. BYD’s competitor Tesla announced on Tuesday that it delivered 484,507 battery electric vehicles during the same quarter. Over the year of 2023, Tesla still outnumbered BYD, selling 1.8 million electric cars and BYD sold 1.57 million electric vehicles, up 73% on 2022, as well as 1.44 million hybrids. It means that Tesla's gap over its Chinese rival, at about 230,000 units in 2023, was significantly narrower than the 400,000 units posted in 2022.

          The rapid growth of BYD is generally believed to be a symbol of China’ s rising EV industry and China is progressing quickly in its transition to electric vehicles because of strong government support. For example, China has set a goal that at least 20% of new cars sold annually in China by 2025 should be new energy vehicles (NEVs). The first goal 20% was achieved in 2022, about three years early. For another example, China also has a second goal that NEVs should become the "mainstream" of new car sales by 2035. As for the second goal, in November 2023 at a car forum, Mr. Miao Wei, former minister of China's Ministry of Industry and Information Technology, mentioned that the government's NEV penetration target of 50% by 2035 is likely to be achieved by 2025 or 2026 at the latest.

        According to Brand Value (China) Network, China BYD’s leading role in the global car industry is attributed to several factors, including China’s large market size, affordable labor force, and dominance in the supply chain. Because Chinese economy is not increasing as fast it used to be, Chinese car makers including BYD have been seeking growth outside the mainland by expanding in Europe, Australia and Southeast Asia. For example in September, 2023, BYD sent a big delegation to a car show in Germany. A spokesman said at the car show that BYD was aiming to double the number of dealer partners in Europe in 2023 and was targeting overseas sales of 250,000, up from about 56,000 in 2022. For another example, in December, 2023, BYD announced it planned to build an EV factory in Hungary, which should be its first passenger car factory in Europe.

       According to Brand Value (China) Network, BYD is a Chinese Auto Giant and its brand slogan is “build your dreams”. BYD’s good sales in the last quarter of 2023 may promote its ranking in “Daguan·World Brand Value Top 900” because it means more profit and more revenue. BYD’s success in Chinese EV market means BYD can also win the global EV market. Based on “China Brand Value Evaluation Standard”, its good sales belong to one of the most important dimensions called “financial performance.”

      On the ranking of “The 3rd Daguan·Keweiwei World Brand Value Top 900” released on March 18, 2023, BYD’s brand value was 206.219 billion RMB, ranking the 113rd. Tesla’s brand value was 430.528 billion RMB, ranking the 53rd.

www.bvrcn.com  品牌价值网

          "(www.bvrcn. com) Daguan · Brand Value (China) Network" defines a fair China Brand Value Evaluation Standard in the world, lead the global brand news value, create a highland for the global brand value evaluation industry, and discover the release of the "Daguan · Keweiwei" World Brand Value Top 900 ranking list. It is also the globally preferred and trusted enterprise brand information website that fairly and justly recommends global brand enterprises, achieves the influence of brand value (China) network's global brand communication. It launches heavyweight brand value information, leads global brand hotspots, links global media communication camps, and establishes new coordinates for global brand news news communication. 

作者：Byron