BYD says its vehicles sales jumped 62% in 2023

BYD Company Limited (OTCMKTS: BYDDF) is in focus on Monday after reporting a massive year-on-year increase in vehicle sales in 2023.

How many vehicles did BYD sell last year?

The electric vehicles company sold a total of just over 3.0 million units last year which represents a near 62% increase versus 2022.

1.6 million of these were battery EVs while the remaining were plug-in hybrids, as per its press release this morning.

The news arrives about a couple months after BYD Company Limited said its profit climbed to an all-time high of $1.42 billion in its third financial quarter. The Chinese automaker has recently disclosed plans of setting up a factory in Hungary.

Note that BYD Company Limited ended the recent year down 35% versus its high in February of 2023.

BYD stock vs Tesla: Analyst picks a side

On Monday, the Shenzhen-headquartered firm also said it sold 340,178 battery electric and hybrid electric vehicles in December. Well over half of these were all-electric.

Sharing his view on both BYD Company Limited and its primary rival – Tesla Inc, a Canaccord Genuity analyst George Gianarikas said recently on CNBC’s “The Exchange”:

His buy rating on $TSLA is coupled with a price objective of $267 which suggests about an 8.0% upside from here. In contrast, Berkshire Hathaway – the multinational conglomerate of Warren Buffett last year said BYD was well ahead of Tesla in China (find out more).