TSLA: Tesla Loses Top Spot as World’s Biggest EV Seller After BYD Hands Over 526K Cars

The race for electric vehicles just got more intense as Tesla’s Chinese rival bets on more affordable models.

• Elon Musk’s Tesla TSLA has been dethroned from the top spot as the world’s biggest EV company by sales. China’s fast-rising BYD 1211recorded over 526,000 deliveries for the December quarter, eclipsing Tesla’s 484,000 unit sales. Tesla has been holding the top spot since 2012 when it introduced the Model S.
• For the year, however, Tesla retained its crown by delivering a total of 1.8 million electric vehicles. BYD, on the other end, shipped roughly 1.6 million all-battery cars and over 3 million passenger cars. The lofty figure was achieved without even tapping into the US market.
• By another measure – market value – Tesla is far superior, boasting an $800 billion valuation. BYD, which is backed by Warren Buffett and has been dismissed by Elon Musk in the past, has swelled to an $80 billion threat with its US-listed shares rising just 8% in 2023 against Tesla’s 120% share-price increase.