BYD Overtakes Tesla to Become the World's Best-Selling Electric Car Manufacturer

January 3, 2024

BYD Overtakes Tesla to Become the World’s Best-Selling Electric Car Manufacturer

Chinese automaker BYD has surpassed Tesla to become the largest electric car manufacturer worldwide. This development underscores China’s emerging strength in the global EV market, as reported by The Wall Street Journal, citing data from the fourth quarter of 2023.

According to the report, BYD sold over 526,000 electric vehicles in the last quarter of 2023, surpassing Tesla’s sales of approximately 485,000 units during the same period. While Tesla still leads in annual sales, this rising Chinese competitor’s growing market share poses new challenges to Tesla. Tesla announced on January 2nd that it had delivered approximately 1.81 million electric vehicles globally in 2023, meeting its annual target and slightly exceeding Wall Street’s expectations. In comparison, BYD’s sales of nearly 1.6 million electric vehicles last year represented a staggering growth of over 70% compared to 2022.

The rise of BYD and its achievement of becoming the leading electric car manufacturer worldwide not only demonstrates China’s commitment to electric mobility but also highlights the country’s advancements in technology and production capabilities. With its expanding product portfolio and competitive pricing, BYD has effectively captured the attention of consumers in both domestic and international markets.


China’s Central Bank Approves Alipay’s Transition to No Actual Controlling Entity

The People’s Bank of China (PBOC) has granted approval for Alipay (China) to undergo a transformation that would remove its actual controlling entity. This decision marks a significant step in the ongoing regulatory oversight of non-bank payment institutions in China.

As a third-party payment company, Alipay (China) is subject to regular supervision by the PBOC. The completion of the adjustment follows the implementation of Ant Group’s revised shareholder voting rights structure, marking the company’s ongoing efforts to enhance corporate governance practices with a focus on efficiency and transparency. Prior to the adjustment, the actual controlling entity of Alipay (China) was Hangzhou Junao Equity Investment Partnership (Limited Partnership), which consisted of 26 partners. Hangzhou Yunbo Investment Consultancy Co., Ltd., owned by Jack Ma, was also listed as an actual controlling entity.

In January 2023, when Ant Group announced the aforementioned adjustments to its shareholder voting rights, the voting rights were transitioned from being jointly exercised by Jack Ma and other concerted actors to being independently exercised by ten individuals, including Ant Group’s management members, employee representatives, and Jack Ma. According to Ant Group, Jack Ma’s voting rights decreased to 6.208%. At that time, Ant Group clarified in its announcement that after the equity adjustment, the major shareholders would exercise their voting rights independently, with no concerted actions among them.


“Interim Regulations on Unmanned Aerial Vehicle Flight Management” Now in Effect

The “Interim Regulations on Unmanned Aerial Vehicle (UAV) Flight Management” have now officially come into force. These regulations mandate the real-name registration of civilian Unmanned Aerial Vehicles, commonly known as drones, and set clear standards for flight altitudes and the responsibilities of drone operators. It is reported that drone operators are required to log on to the official website of the civil aviation authorities to register their drones under their real names. Following registration, a QR code generated must be printed and affixed to a prominent part of the drone’s body.

Operators who conduct flight activities without completing the real-name registration will be ordered by public security authorities to rectify the situation and may face a fine of up to 200 yuan. In cases of serious violations, fines can range from 2,000 yuan to 20,000 yuan. These measures aim to enhance airspace management and safety as the popularity and commercial use of drones continue to rise.

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