By BYD has beaten the American giant Tesla to become the world’s top electric vehicle manufacturer. Despite Tesla’s formidable performance, the Chinese automaker BYD secured the top spot by selling an impressive 5,26,409 electric vehicles in the same quarter, outpacing Tesla’s delivery of 4,84,507 units. The shift in leadership underscores China’s growing influence in the global automotive landscape. In addition to BYD claiming the EV crown, recent reports suggest that China may have overtaken Japan as the world’s largest passenger car exporter in 2023, building upon its previous successes over the United States, South Korea, and Germany.
While Tesla conceded the top position in unit sales to BYD, it remains a financial powerhouse. Tesla’s revenue and profit outshine BYD, owing to its strategic focus on higher-priced vehicles like the Model Y SUV and Model 3 sedan, which constituted 95 per cent of its Q4 deliveries. Moreover, Tesla achieved a significant milestone by delivering 1.8 million vehicles in the year, surpassing its initial target, despite falling short of CEO Elon Musk’s ambitious goal of producing 2 million cars.
Notably, Tesla’s performance in Q4 showcased a 20 per cent increase in sales compared to the same period in 2022. The company’s diverse lineup includes the eagerly anticipated Cybertruck, although specific sales figures for the innovative pickup truck remain undisclosed. Looking ahead, Tesla’s future endeavours include the ongoing production of its Model S, X, 3, and Y in various locations, including Fremont, California, and Shanghai. The company aims to achieve volume production and positive cash flow with the Cybertruck, a stainless steel-clad pickup truck.
