Tesla CEO Elon Musk has been outpaced by China’s BYD electric vehicles sales, data from the final quarter of 2023 shows. On Monday, BYD, based in Shenzhen, said it had sold a record 526,000 battery-only vehicles between October and December 2023, breaking Tesla’s long-standing record for the first time, per BBC.One day later, Tesla announced it broke its own record for the last quarter, at 484,500 electric vehicles sold in the last three months, and 1.8 million in all of 2023. BYD sold a total of 1.6 million battery-only vehicles and more than three million new energy vehicles (NEVs), which include hybrids. Despite coming in second place to China last quarter, analyst Dan Ives of Wedbush Securities said the last quarter was a “clear win” for Musk and his EVs, with year-end sales up 20% year-over-year. Musk said in January 2023 he thought Tesla could sell two million units in 2023. Head of Money and Markets at Hargreaves Lansdown Susannah Streeter said “as BYD has accelerated into the fast lane, it's fresh evidence of just how competitive the EV market has become.” “And how hard it will be for Tesla to swerve back to head the pack," she added.
Tesla CEO Elon Musk has been outpaced by China’s BYD electric vehicles sales, data from the final quarter of 2023 shows. On Monday, BYD, based in Shenzhen, said it had sold a record 526,000 battery-only vehicles between October and December 2023, breaking Tesla’s long-standing record for the first time, per BBC.One day later, Tesla announced it broke its own record for the last quarter, at 484,500 electric vehicles sold in the last three months, and 1.8 million in all of 2023. BYD sold a total of 1.6 million battery-only vehicles and more than three million new energy vehicles (NEVs), which include hybrids. Despite coming in second place to China last quarter, analyst Dan Ives of Wedbush Securities said the last quarter was a “clear win” for Musk and his EVs, with year-end sales up 20% year-over-year. Musk said in January 2023 he thought Tesla could sell two million units in 2023. Head of Money and Markets at Hargreaves Lansdown Susannah Streeter said “as BYD has accelerated into the fast lane, it's fresh evidence of just how competitive the EV market has become.” “And how hard it will be for Tesla to swerve back to head the pack," she added.
