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BYD outpaces Tesla in EV market

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Jan '24

Chinese automaker BYD beat out Tesla to become the new leader in global electric car sales in the final quarter of last year. Tesla on Tuesday revealed it had delivered a record 484,507 cars in the last three months of 2023, compared with 526,409 for BYD. While Tesla still sold more cars than BYD for the full year — 1.8 million compared with 1.57 million — the quarterly milestone hints at “the next stage in the long-awaited Chinese takeover of the electric vehicle segment,” notes Business Insider.

  • U.S.-based Rivian delivered 13,972 electric vehicles last quarter, it announced Tuesday, 10% fewer than in the previous quarter and below analyst expectations.
  • Many EVs lost eligibility for U.S. tax credits after new battery sourcing rules took effect on Monday, including the Tesla Cybertruck All-Wheel Drive and some Tesla Model 3s, per the U.S. Treasury.
  • As sales hit records, investor concerns have mounted around demand for electric vehicles in the coming year.

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