BYD continues to see sales growth while Tesla misses 3Q23 deliveries estimates

Peng Chen, DIGITIMES Asia, Taipei 0

Image credit: Bloomberg

BYD sold 287,454 vehicles in September, up 42.8% year over year. The China-based carmaker accumulated over 2 million units in sales for the first nine months of 2023. Its biggest rival, Tesla, missed estimates for its third-quarter deliveries but is on track to hit its annual goal of producing 1.8 million cars.

According to BYD's announcement on October 2, the company sold 2.07 million EVs from January to September 2023, more than 1.04 million of which were battery EVs, an 80.1% growth from 2022. It saw over 1.02 million plug-in hybrid EV sales in the same period, up 72% from last year. BYD aims to sell at least 3 million vehicles this year.

The carmaker has rolled out five categories of cars in its portfolio. The Ocean series comprises affordable models, while the Dynasty series focuses on premium cars. The two series saw sales increase by 36.2% year-over-year in September 2023. Denza, which also features premium models, is jointly established by BYD and Daimler. The Yangwang brand offers luxury vehicles. Fang Cheng Bao is the latest brand that BYD launched.

The China-based automaker is expanding overseas. It exported over 28,000 EVs last month, a 262.4% surge from 2022. BYD said its vehicles are available in 55 countries and regions worldwide, including Japan, Germany, Australia and Brazil. The company recently entered the Turkish market.

Source: BYD, compiled by DIGITIMES Asia, October 2023

Tesla reported its production and delivery numbers for the third quarter this year on Monday. The company said it produced 430,488 vehicles and delivered 435,059 cars. The production was up 26.53% year-over-year but down 6.67% from the previous quarter.

Tesla explained that the quarter-by-quarter decline resulted from the planned downtimes for factory upgrades, as CEO Elon Musk said in an earnings call for the second quarter. However, Bloomberg reported that Tesla still missed analysts' estimates by about 5%.

The company said it is still committed to its annual goal of making about 1.8 million cars in 2023. According to Bloomberg, Tesla has to produce 449,000 vehicles in the fourth quarter to reach the goal, less than what the company made in the second quarter of this year.