Tesla announced on the 2nd that it would sell 484,507 units for the October-December 2023 period (fourth quarter), exceeding the average analyst estimate of 483,173 units. However, China’s BYD sold 526,409 units in the quarter, dethroning it as the world’s number one electric vehicle (EV) company.
BYD is selling mainly in the Chinese market due to its relatively low price and wide range of products.
BYD Beats Tesla in Electric-Car Sales
China’s top brand becomes the new global No. 1 in EVs
Source: Company statements
Tesla’s 2023 sales exceeded its goal of 1.8 million vehicles, but fell far short of the upside scenario that Chief Executive Officer Elon Musk had envisioned about a year ago.
Changes in the ranking of EV sales reflect China’s growing influence in the global auto industry. China, which has overtaken the United States, South Korea, and Germany in the past few years, may overtake Japan as the world’s largest exporter of passenger cars by 2023.
Tesla sells significantly more expensive models than BYD, and because just two models account for the majority of deliveries, its sales and profits are higher than BYD’s. The Model Y sports utility vehicle (SUV) and the Model 3 sedan accounted for 95% of sales in the October-December period.
news-rsf-original-reference paywall">Original title:Tesla Falls Behind BYD in Quarterly EV Sales as Growth Slows(excerpt)
2024-01-02 14:26:30
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