By Ronald Ortega
12 Feb 2024, 10:03 AM EST
Two giants have emerged as the undisputed leaders in the panorama of electric and sustainable mobility: Tesla and BYDbecause in the course of 2023, these titans maintained a fierce battle for the coveted title of the world’s most popular manufacturer in the electric vehicle segment.
According to him recently published report by EV Volumes, BYD and Tesla have consolidated their position as the main players in the electric car market, accumulating a 35% feerevealing the growth of electric mobility while appearing as a clear indicator of the authoritarian dominance exercised by these two companies over the automotive market.
China-based BYD emerges as champion at the end of the last year, positioning itself as the largest manufacturer of plug-in vehicles, with more than 3 million units sold and a representation of 22% in the global market. Its models and focus on battery technology have been key in its rise to the top of the industry.
On the other hand, Tesla, Elon Musk’s company, Although it is in second place in terms of total sales, it is the undisputed leader in the 100% electric vehicle segment. With vision and strategy focused on innovation, it continues to challenge the limits of technology as a leader in electric mobility standards worldwide.
Two titans fighting for the top
The combination of the strength of BYD and Tesla is overwhelming: together,They accumulate a total market share of the electrical segment of 35.6%representing a significant increase of almost five points compared to the previous year, joint dominance makes it clear that they are setting the pace and establishing rules in the electric vehicle market.
However, They are not the only players in the arenaSince the Volkswagen Group have also managed to position themselves as an important player in the electrified market, reaching the third position with almost a million units sold worldwide. This fact shows that, although Tesla and BYD lead the race, the competition is still there, where other manufacturers are willing to fight for a place higher on the podium.
So, 2023 witnessed the rise of BYD to join Tesla as leaders in the electricity market, accelerating the transition towards a more sustainable future. However, the competition is intense and the landscape is constantly evolving, therefore, they must be careful not to fall asleep and be surpassed.
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