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       China Auto Giant BYD Sells More Electric Vehicles Than Ever

       Sales by BYD, the country’s dominant automaker, topped 3 million last year, including 1.6 million fully battery-powered cars. It’s a sign of China’s rapid growth in EVs.

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       Electric vehicles made by BYD at Suzhou Port in China. The company’s profits tripled in the first half of last year. Credit...Agence France-Presse — Getty Images

       By Claire Fu and Rich Barbieri

       Reporting from Seoul

       Jan. 1, 2024Updated 11:27 a.m. ET

       The Chinese corporate giant BYD said Monday that it sold three million battery-powered cars in 2023, its most ever, capping a turbulent year for China’s electric vehicle industry.

       Even as sales surged, heavy competition and a sustained price war took a financial toll on many automakers.

       But BYD last year sold 1.6 million fully electric vehicles and another 1.4 million hybrids, which are powered by both batteries and gasoline. Together that is a 62 percent increase over 2022. BYD is also making money, tripling its profit to $1.5 billion in the first half of last year.

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       Claire Fu covers news in mainland China for The New York Times in Seoul. More about Claire Fu

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