China’s BYD surpasses Tesla in electric car sales during Q4 2023


Chinese company BYD outsold Tesla in the last quarter of 2023, selling a record 526,000 battery-only vehicles. This marked the first time BYD’s battery-only sales surpassed Tesla’s. However, for the entire year of 2023, Tesla still sold more vehicles. Tesla delivered a record 484,500 electric vehicles in the last quarter of 2023 and 1.8 million for the year as a whole. While Tesla’s end-of-year performance exceeded expectations, it fell short of Elon Musk’s earlier goal of achieving two million deliveries in 2023. BYD’s milestone highlights the competitive nature of the electric vehicle market and the challenges Tesla faces in maintaining its leading position. BYD sold over 3 million new energy vehicles (NEVs) in 2023, including battery-only vehicles and hybrids. Its success can be attributed to its in-house battery manufacturing, which allows for cost savings and flexibility in pricing.

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