BYD rides high with its best sales performance in 2023

BYD, China's largest electric vehicle manufacturer, announced record-high sales in 2023, making it the world's top EV manufacturer and one of the top ten carmakers, according to figures released by the China Passenger Car Association on Tuesday.

Last year, BYD sold more than 3 million vehicles for the first time, making it the best Chinese carmaker and global EV maker (hybrid included).

BYD's earnings last year were estimated to be between 29 billion yuan (US$4 billion) and 31 billion yuan, up roughly 80 percent year on year, according to a statement issued by BYD on Monday night, with the gain attributed to strong market performance both domestically and internationally.

"It showcases that BYD has gained strong market recognition and influence around the world," according to the trade group.

Xu Changming, deputy director of the State Information Center, stated that "the development of electric vehicles has played a crucial role in the improvement of the competitiveness of independent Chinese brands."

Five of the top ten Chinese passenger car brands, BYD, Geely, Changan, Chery, and GWM, are independent Chinese brands, as opposed to the majority of which were previously joint ventures.