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Tesla – the second: New leader emerges in global electric vehicle market

Tesla – the second: New leader emerges in global electric vehicle market A new leader has emerged in the global electric vehicle market (photo: GettyImages)

The Chinese electric car manufacturer BYD has surpassed Tesla in sales in 2023, according to DW.

Chinese electric car manufacturer BYD has outpaced Tesla in sales during the last three months of 2023, becoming the new leader in the global market. This is despite Tesla achieving record sales in the fourth quarter.

As a result, BYD has a strong chance of securing the top position in 2024 and becoming a long-term leader in the electric car market.

Despite Tesla being a leader in electric car sales, the Chinese manufacturer BYD (Build Your Dreams) surpassed it in overall sales volumes. This is because BYD produces both electric vehicles and plug-in hybrids.

In the fourth quarter of 2023, Tesla set a record by selling 484,507 electric vehicles worldwide. However, the Chinese company BYD outperformed Tesla during the same period by selling 526,409 electric vehicles and over 400,000 plug-in hybrids, securing its position as the top electric vehicle manufacturer.

BYD claimed the leading position among the largest electric vehicle manufacturers at the end of the previous year and is likely to maintain its standing. While Tesla experienced a 38% growth in sales last year, BYD's overall sales increased by 62%. This year, Elon Musk's company plans to sell 2.2 million electric vehicles, indicating a slowdown in annual growth to 22%.

Tesla and BYD are competing in the Chinese market. In order to maintain their positions, Tesla reduced the prices of its electric vehicles at the beginning of 2023, leveraging the high profitability of its business. While this move decreased Tesla's profitability, it increased revenue and triggered a rise in the company's stock value. As a result, Tesla achieved significant success in 2023.