BYD overtakes Tesla in global EV sales

Tesla also reached another milestone of hanging over 1.8m electric vehicles (EV) in 2023, compared to 1.31m last year, translating into an annual growth rate of 37.7%.

However, this achievement fell short of the more ambitious projection made by CEO Elon Musk a year earlier. Musk had envisioned the potential for producing 2 million vehicles. Still, despite implementing price reductions, the company could not stimulate sufficient demand to meet this elevated production goal to achieve a 50% long-term average growth rate.

Model X and Y accounted for over 90% of all deliveries this quarter.

Elon Musk’s lead company also unveiled and produced its long-awaited, futuristic-looking Cybertruck.

The United States and China represent the primary markets for the company. Its manufacturing facilities in Fremont, California, produce the Model S, X, 3, and Y. At the same time, the Shanghai plant focuses on the Model 3 and Y. Additionally, the company’s facilities in Austin and near Berlin are dedicated to producing the Model Y.

BYD, the new EV king

Chinese automaker BYD overtook Tesla in quarterly deliveries in Q4 2023 for the first time.

Despite Tesla delivering more than the analysts estimated, it could not stay ahead of BYD’s co in global EV sales. BYD had 526k deliveries, while Tesla handed over 485k EVs in the fourth quarter of 2024.

BYD, established in the 1990s, initially specialized in creating rechargeable batteries, including those used in mobile phones. The company later entered the automotive industry in the early 2000s.

The early accomplishments of BYD caught the attention of Warren Buffett’s Berkshire Hathaway, which resulted in an investment in 2008.

Both manufacturers cut their prices on some of their vehicles to boost the demand for their products.

Tesla has lost some market share in China, quite likely due to the expansion of its rival BYD.

Furthermore, in 2024, the US EV company faces more headwinds, including the discontinuation of U.S. federal tax benefits and the end of Germany’s subsidy program.

Investors can long Tesla using our 1x Tesla , 2x Tesla, 3x Tesla

Alternatively, investors can short Tesla using our -1x Tesla , -2x Tesla , -3x Tesla

Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.