China’s BYD Overtakes Tesla’s Electric Car Sales

CHINA – In the electric vehicle race, Chinese Company BYD outpaced Tesla, selling a record 526,000 battery-only vehicles in Q4 2023, marking the first quarter it surpassed Tesla’s sales. 

However, for the entire year, Tesla maintained the lead, delivering 1.8 million vehicles, with Q4 sales exceeding expectations.

Tesla faced challenges as borrowing costs rose, and its year-end goal of two million deliveries fell short. 

BYD’s success highlights the intense competition in the EV market, with its Shenzhen-based rival selling over 3 million “new energy vehicles” in 2023.