In the final three months of 2023, Chinese manufacturer BYD sold more electric vehicles than Elon Musk’s Tesla as the two competed for the top rank in the industry.
On Monday, BYD said that it has sold a record 526,000 battery-only vehicles in the fourth quarter of 2023.
It was the first quarter in which its battery-only sales topped Tesla’s. Demand for the US-based company has slowed as borrowing rates rise.
However, Mr Musk’s Tesla sold more over the whole year of 2023.
Tesla announced on Tuesday that it delivered a record 484,500 electric vehicles in the last three months of 2023, and 1.8 million for the whole year.
Sales increased 20% from the same quarter in 2022 and picked up pace from earlier in 2023, above analysts’ expectations. Wedbush Securities analyst Dan Ives called the quarter a “clear win” for Tesla.
However, it fell short of expectations. Mr Musk stated in January that Tesla might reach two million deliveries by 2023.
To entice consumers, the company constantly reduced pricing.
The achievement by BYD is a reminder of the obstacles that the company faced in helping to develop the electric car sector.
“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,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
