BYD Co., the world’s biggest seller of battery electric vehicles (EVs) and plug-in hybrids, sold about 3.02 million vehicles in 2023, an increase of 61.9%, it said Monday.

The Shenzhen-based automaker said it sold about 1.6 million battery EVs as well as about 1.4 million plug-in hybrid EVs.

BYD said its battery and hybrid EV sales in December stood at 340,178, including 190,754 all-electric vehicles, aided by aggressive end-of-year discounting.

The automaker sold 526,409 fully electric vehicles in the fourth quarter, meaning Tesla Inc. will need a record showing to maintain its No. 1 status when it unveils sales figures today.

BYD, China’s best-selling car brand, should find out within hours whether it has sold enough cars to overtake Tesla for the first time on a quarterly basis to become the world’s biggest seller of fully electric EVs.

Analysts tracking Tesla expect it to shift around 483,200 units, according to estimates compiled by Bloomberg.

A revamped Model 3 and the stainless steel-clad Cybertruck, which began deliveries at the end of November, may give Tesla’s full year 1.8 million sales target a late boost.

The U.S. automaker has also been gradually adjusting sticker costs in the United States and China, where it initiated a price war in late 2022 that extended into 2023.

BYD’s full-year volumes were almost as much as its EV and hybrid sales over the previous five years combined. The Shenzhen and Hong Kong-listed company, which had a 3 million annual sales target, saw rapid growth in 2023 that catapulted it into the top 10 ranking of global car sales for the first time.

BYD shares fell almost 24% in 2023, with an accelerated decline in the stock since mid-November as competitive pressures, price cuts, and concerns it cannot meet sales targets pummeled the company’s valuation. Despite starting an industry price war in China, Tesla shares rose 130% last year.

BYD continued its aggressive global expansion plans in the past 12 months, recently picking Hungary over other European countries to establish its first production line on the continent. (SD-Agencies)