Zain-ul-Abdin
Member
The year 2024 started unfavorably for Elon Musk as China's BYD surpassed Tesla to become the world's best-selling electric vehicle (EV) manufacturer.
Although Tesla reported a record 484,507 vehicle sales in the third quarter of 2023, marking a 20% increase year-on-year, it was not enough to maintain the top position. BYD disclosed that it delivered 526,409 cars during the same period.
Tesla had been the leading EV manufacturer for over eight years, surpassing Nissan Leaf in 2015. However, with China emerging as the world's largest market for electric cars, domestic companies like BYD have heavily invested in making their vehicles more affordable.
BYD, which has expressed a goal to outperform Western counterparts, is not only expanding its presence in China but is also selling cars in the UK and Europe. Additionally, backed by Warren Buffett's investment vehicle, Berkshire Hathaway, BYD has outperformed Tesla in total sales.
Although Tesla reported a record 484,507 vehicle sales in the third quarter of 2023, marking a 20% increase year-on-year, it was not enough to maintain the top position. BYD disclosed that it delivered 526,409 cars during the same period.
Tesla had been the leading EV manufacturer for over eight years, surpassing Nissan Leaf in 2015. However, with China emerging as the world's largest market for electric cars, domestic companies like BYD have heavily invested in making their vehicles more affordable.
BYD, which has expressed a goal to outperform Western counterparts, is not only expanding its presence in China but is also selling cars in the UK and Europe. Additionally, backed by Warren Buffett's investment vehicle, Berkshire Hathaway, BYD has outperformed Tesla in total sales.