BYD Overtakes Tesla in EV Sales

BYD passed Tesla in Q4 2023 in terms of sales of pure EVs, benefiting from an aggressive price battle its US competitor initiated last year. BYD delivered 526,409 cars, primarily in China, surpassing Tesla’s 484,507 EV deliveries. This sales success for BYD indicates that consumers are searching for less expensive models in an environment with some economic uncertainty.

Last year, amid a vigorous pricing battle in the electric vehicle market, both BYD and Tesla slashed prices. With Tesla providing incentives like free fast charging for six months if consumers took delivery by the end of December. BYD delivered 3.02 million cars in total this year, which is 62% more than in 2022. The shift in the rankings of EV companies is indicative of China’s increasing influence in the global car sector. Tesla still has larger profit and revenue than BYD since it sells more expensive EV models.

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