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In the number of electric vehicles sold, Chinese automaker BYD (Bring Your Dream) edged out U.S.-based Tesla as the world’s leader in the fourth quarter of 2023. While Tesla’s Q4 sales set a new record for the company of 484,500 vehicles, BYD sold 526,400 in the same period.

In terms of number of units, China is the world’s leading automobile exporter, having surpassed Germany in 2022 and Japan in 2023.

BYD’s offerings mostly target a different type of customer base than Tesla’s.

Contrast the opportunities for Tesla in China with those of BYD in the U.S.:

Of the 1.8 million EVs Tesla sold in 2023, one-third were sold in the Chinese market, and more than half were produced in Tesla’s Shanghai factory. While BYD has effectively been denied access to the U.S. market, according to a Global Times editorial, Tesla just purchased land in Shanghai last month for battery production facilities.