China’s BYD overtakes Tesla’s electric car sales in last quarter of 2023

In the final three months of 2023, BYD, a Chinese firm, sold more electric cars than Tesla, owned by Musk Elon.

In the last quarter of 2023, BYD reported on Monday that it had sold a report 526, 000 battery-only cars.

It was the first quarter that Tesla’s battery-only profits had surpassed theirs. The US-based company has observed a gradual increase in demand as saving prices rise.

But, Mr. Musk’s Tesla continued to sell more throughout the entire year of 2023.

Tesla announced on Tuesday that it had produced 1.8 million electric cars overall and 484,500 in the final three months of 2023.

Sales increased by 20 % from the same period in 2022 and picked up speed from earlier 2023, proving that the end-of-year performance was better than analysts had anticipated. The third was a” distinct win” for Tesla, according to scientist Dan Ives of Wedbush Securities.

But it did n’t live up to expectations. Mr. Musk stated in January of last year that Tesla had the potential to make two million shipments by 2023.

The company consistently reduced prices in an effort to entice customers.

BYD’s accomplishment of this step serves as a constant reminder of the difficulties the company must overcome in order to establish the electric car sector.

According to Susannah Streeter, mind of wealth and markets at Hargreaves Lansdown, BYD’s acceleration into the fast street “is new evidence of how competitive the Volt market has become and how difficult it will be for Tesla to turn back to lead the pack.”

Shenzen-based BYD sold more than 3 million so-called new energy vehicles ( NEVs ), which include hybrids and battery-only vehicles, for the entire year.