Tesla lose EV race to China’s BYD in final quarter of 2023

Chinese motor vehicle manufacturer BYD Auto overtook Tesla to become the world’s biggest electric car company in the final quarter of 2023.

Selling a record number of cars last year, including 525,409 battery electric vehicles (BEVs) in the three-month period upto December 31, BYD outpaced Elon Musk’s Tesla, in the final quarter, according to a stock exchange filing. 

BYD, which stands for Build Your Dreams is backed by billionaire Warren Buffett since 2008. The company has beaten Tesla’s production for a second consecutive year, producing 3.02 million new energy vehicles in 2023. Tesla on  said Tuesday it delivered 484,507 — also a record — during the quarter.

However, over the year as a whole, Tesla outdid BYD, selling 1.8 million electric cars. BYD sold 1.57 million electric vehicles, up 73% on 2022, as well as 1.44 million hybrids. 

The rapid growth of the company illustrates China’s ambitions to quickly transition into electric vehicles, thanks to strong government support for the industry.