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BYD overtakes Tesla in global EV sales

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  • Tesla record deliveries in Q4 2023
  • BYD surpasses Tesla as the world’s top EV maker

New Quarter, new record deliveries for Tesla.

The largest US Electric vehicle (EV) automaker beat delivery estimates of 483k, hanging over 485k cars in Q4 2023.

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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.

A graph of blue and red bars

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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.

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This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you.

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