Chinese electric vehicle maker BYD overtook Tesla in sales in the last three months of 2023, becoming the new global market leader. Even though Tesla achieved record sales in the 4th quarter.
Thus, BYD is well positioned to secure the number one spot in 2024 and become the long-term leader in the electric vehicle market.
Despite the fact that Tesla is the leader in sales of electric vehicles, the Chinese manufacturer BYD (“Build Your Dreams”) has overtaken it in total sales volumes. This is due to the fact that BYD produces not only electric vehicles, but also plug-in hybrids.
In the fourth quarter of 2023, Tesla set a record by selling 484,507 electric vehicles worldwide. However, the Chinese company BYD sold 526,409 electric vehicles and over 400,000 plug-in hybrids during the same period, which allowed it to take first place among the largest electric vehicle manufacturers.
BYD at the end of last year took first place among the largest manufacturers of electric vehicles and now, most likely, it will not be relinquished. Tesla’s sales growth rate was 38% last year, while BYD’s total sales grew by 62%. And Elon Musk’s company plans to sell 2.2 million electric vehicles this year, which would mean annual growth slowing to 22%.
Tesla and BYD compete in the Chinese market. To maintain its position, Tesla lowered the prices of its electric vehicles in early 2023, thanks to the high profitability of its business. This reduced Tesla’s profitability, but increased revenue and caused the stock price to rise. As a result, Tesla has made great strides in 2023.
We previously wrote that Tesla recalled more than 2 million cars due to a faulty autopilot.
By the way, it became known what the secret of Tesla’s popularity is.
2024-01-03 22:34:00
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