In a significant shift, Chinese electric vehicle (EV) manufacturer BYD has overtaken Tesla as the world’s top producer of battery electric vehicles, according to recently released sales figures. In the fourth quarter of 2023, Tesla delivered 484,507 vehicles, marking an 11% increase from the previous quarter. However, this surge was not enough to retain Tesla’s position, as BYD reported sales of 526,409 electric vehicles for the same period.
BYD’s success highlights the intensifying competition in the EV market and the challenges that Tesla may face in maintaining its dominance. Tesla’s stock experienced a temporary dip following the announcement before recovering.
Beyond pure electric vehicles, BYD also outperformed Tesla in the plug-in hybrid electric vehicle segment, selling over 400,000 units in the fourth quarter. In total, BYD reported sales of more than three million passenger vehicles in the previous year.
While BYD has secured a quarterly victory, Tesla remains the annual leader in EV sales, delivering over 1.8 million vehicles to customers in the year ending December. This figure surpasses BYD’s annual sales of just under 1.6 million electric vehicles. The dynamic competition underscores the growing global demand for electric vehicles and the evolving landscape of the automotive industry.
