00:00 It's Benzinga and here's what's on the block.
00:02 BYD surpassed Tesla as the top-selling electric vehicle maker in the last three months of 2023
00:07 in China, although Tesla remained number one for the full year. BYD sold over 1.6 million new
00:13 energy vehicles, including hybrids, in 2023, up 73% from the prior year, compared to Tesla's 1.8
00:19 million EV sales, up 38%. BYD benefits from strong government support for EVs in China,
00:25 its huge domestic market and lower prices than Tesla. However, Tesla has a more global reach
00:30 so far, while BYD is mainly in China and starting to expand overseas with the new Hungary factory.
00:35 Chinese EV makers face regulatory and trade barriers in key markets like the US,
00:40 Europe and Japan as those regions protect domestic auto industries.
00:43 For all things money, visit Benzinga.com.
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