BYD sells 42,000 more vehicles than Tesla
Chinese automaker BYD has claimed the top spot as the world’s most popular electric vehicle maker, surpassing Elon Musk’s Tesla in global electric car sales for the fourth quarter. Despite Tesla’s strong performance, BYD’s sales figures propelled the company to a new milestone.
Tesla, headquartered in Austin, reported delivering over 4,84,507 vehicles in Q4, exceeding analysts’ expectations but falling short of securing the top position. Meanwhile, BYD, known for producing both hybrid and fully battery-powered cars, sold an impressive 5,26,409 EVs in the same quarter, securing its status as the new global leader in EV sales.
The shift in rankings highlights China’s growing influence in the global automotive industry. Not only did BYD claim the EV crown, but China may have also surpassed Japan as the world’s largest passenger-car exporter in 2023. This comes after China already outpaced the United States, South Korea and Germany in recent years.
Despite losing the top spot, Tesla’s Q4 performance exceeded expectations, with a 20 percent increase in sales compared to the same period in 2022. The company achieved a milestone by delivering 1.8 million vehicles for the year, surpassing its initial target. Tesla’s CEO, Elon Musk, had previously expressed the company’s potential to produce 2 million cars, but a series of price cuts to boost demand fell short of achieving this ambitious goal.
While BYD may have captured the pole position in terms of unit sales, it’s essential to note that Tesla still outperforms BYD in terms of revenue and profit. Tesla’s focus on higher-priced vehicles, such as the Model Y SUV and Model 3 sedan, accounts for 95 percent of its deliveries in Q4. The company also expanded its lineup with the introduction of the long-anticipated Cybertruck, though specific sales figures for the pickup trucks remain undisclosed.
Tesla’s future prospects include the ongoing production of its Model S, X, 3 and Y in various locations, including Fremont, California and Shanghai. The company aims to achieve volume production and positive cash flow with the Cybertruck, a technologically advanced stainless steel-clad pickup truck. Elon Musk anticipates a 12 to 18-month timeline for reaching these milestones.
