China's EV powerhouse BYD sells over 3 million cars in 2023

Chinese electric vehicle (EV) manufacturer BYD Co disclosed on Monday a 61.9% year-over-year increase in vehicle sales for 2023, totaling around 3.02 million units. The surge includes the sale of 1.6 million fully electric vehicles and 1.4 million hybrids. BYD's profits also tripled, reaching $1.5 billion in the first half of 2023.

In December, BYD recorded sales of 340,178 electric and hybrid vehicles, with 190,754 units being fully electric. The company announced plans to build a new energy vehicle production base in Szeged, Hungary, in December, aiming to create local job opportunities. BYD currently operates over 30 industrial parks and production facilities globally, including factories in the U.S., Brazil, Japan, and India.

In a similar move, BYD's competitor Tesla is expected to report a big jump in sales this week after slashing prices at the end of last year.

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