China’s BYD overtakes Tesla in EV sales in final months of 2023

China’s BYD overtakes Tesla in EV sales in final months of 2023

BYD is expected to overtake Tesla as the world’s biggest EV maker when fourth-quarter data from 2023 is released.

According to multiple media reports, Chinese EV automaker BYD displaced Tesla in the final quarter of 2023 as the world’s largest manufacturer of EVs. The Chinese automaker published its December 2023 sales report on Jan. 2 saying it sold 190,754 EVs in December, taking its total for the last three months of the year to a record 526,409 vehicles, 60% higher than the same period in 2022.

Tesla said in its Jan. 2 report that it delivered a combined 484,507 EVs in October, November and December, an almost 20% increase on the same period in 2022 and a quarterly record.

Tesla remained on top for the year with 1.8 million electric vehicles sold, compared with BYD’s 1.6 million. However, BYD is expected to overtake Tesla as the world’s biggest EV maker when fourth-quarter data is released, according to Business Insider.

The BBC reported that Tesla’s end-of-year performance was better than analysts had expected. It cited analyst Dan Ives of Wedbush Securities, who described the quarter as a “clear win” for Tesla.

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