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Reading: BYD overtakes Tesla as the world’s top maker of EV 
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Distinct Post > Business > Tech > BYD overtakes Tesla as the world’s top maker of EV 
byd-overtakes-tesla-as-the-worlds-top-maker-of-ev
Tech

BYD overtakes Tesla as the world’s top maker of EV 

Jake Miller Published January 3, 2024
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US car maker Tesla has lost its crown as the top maker of all-electric vehicles to Chinese firm BYD, according to sales figures released Tuesday.

Tesla, the US-based car manufacturer run by billionaire Elon Musk delivered 484,507 vehicles in the fourth quarter of 2023, said a company filing — up more than 11 percent from the previous quarter.

But this increase was not enough to maintain Tesla’s crown as the world’s top battery electric vehicle producer and seller, as Chinese rival BYD reported sales on Monday of 526,409 for the same period.

BYD sold 3 million new energy vehicles in 2023

Annual sales: 3,024,417 NEVs, a YoY growth of 61.8%.
Monthly sales (December): 341,043 NEVs, a YoY growth of 45%.

With an expanding brand matrix and cutting-edge technologies, BYD continues to lead the global shift toward… pic.twitter.com/F5U2dZpln7

— BYD (@BYDCompany) January 2, 2024

These figures underscore the challenges Tesla will likely face this year, from competitors keen to capitalize on the growing demand for EVs.

Tesla’s stock slipped after the news was announced, before regaining ground.

As well as besting Tesla in pure electric vehicle sales, BYD sold more than 400,000 plug-in hybrid electric vehicles in the fourth quarter.

Milestone achieved: 3 million new energy vehicles sold in 2023, a substantial growth from 2022’s 1.86 million.

With leaps in technology, exports, and two brand launches, BYD will continue to accelerate the transition towards a greener future and contribute to its vision to "Cool… pic.twitter.com/cZNPDTScM5

— BYD (@BYDCompany) January 3, 2024

In total, it sold more than three million passenger vehicles last year.

However, Tesla was still the top seller of EVs on an annual basis, delivering more than 1.8 million vehicles to customers in the year to December, well above BYD’s sales figure of just under 1.6 million.

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Jake Miller January 3, 2024 January 3, 2024
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