US automaker Tesla has lost its crown as the biggest electric vehicle maker to Chinese company BYD, according to sales figures released Tuesday.
The US-based automaker owned by billionaire Elon Musk delivered 484,507 vehicles in the fourth quarter of 2023, according to company data, up more than 11 percent from the previous quarter.
But the increase was not enough to retain Tesla’s crown as the world’s largest manufacturer and seller of battery electric vehicles, as Chinese rival BYD reported sales on Monday of 526,409 for the same period.
These figures underscore the challenges Tesla may face this year, from competitors looking to capitalize on rising demand for electric vehicles.
Tesla shares fell after the news was announced, before strengthening again.
In addition to surpassing Tesla in pure electric vehicle sales figures, BYD sold more than 400 thousand plug-in hybrid electric vehicles in the fourth quarter.
In total, they sold more than three million passenger vehicles last year.
However, Tesla is still the best-selling electric vehicle seller annually, delivering more than 1.8 million vehicles to customers through December, well above BYD’s sales figure of just under 1.6 million. (ns/lt)