Chinese electric vehicle (EV) firm BYD is set to outdo rival Tesla Inc (NASDAQ:TSLA)’s production figures for a second year running after reporting on a bumper year on Monday.
In total, BYD produced 3.05 million vehicles over 2023 and sold 3.02 million, including both hybrid and battery-only cars.
This could see the company surpass Tesla once more, after it produced 1.88 million cars in 2022, compared to the latter’s 1.37 million vehicles.
Figures will be unveiled by Tesla on Tuesday before markets open in the US, after it previously reported production of 1.35 million vehicles over the first three quarters.
Tesla’s sales numbers face pressure too meanwhile, with Elon Musk’s firm left needing record fourth-quarter figures to avoid being overtaken as the world’s best-selling brand.
Analysts have tipped Tesla will report sales of around 1.82 million for the year, though this would be lower than Musk’s previous claims that the firm could surpass 2 million.
Higher borrowing costs globally have hit demand for EVs this year, with China in particular seeing prices cut by brands on the back of heated competition.
BYD, which has been backed by Warren Buffett since 2008, sold 1.57 million battery-only vehicles over the year, including 526,000 in the fourth quarter.