BYD; A company in China that sells electric automobiles like Elon Musk’s Tesla has recorded more sales than Tesla in the last quarter of 2023. Both companies have been in a competition for the top in the sector.
BYD on Monday, said that it sold about 526,000 battery-only automobiles in the last three months of 2023. That made it the first quarter where they had only battery sales more than Tesla.
Notwithstanding, Tesla sold more in the year 2023 as a whole. On Tuesday, the company revealed that they merchandised 484,500 electric cars in the last quarter of 2023 and a total of 1.8 million for the whole year.
The performance at the end of the year astonished analysts as delivery rose to 20% during the exact period in 2022, and accelerated from that same period previously in 2023.
Dan Ives; an analyst in Wedbush Securities illustrated the quarter as a “clear win” for Elon Musk’s Tesla.
However, it couldn’t meet up with the earlier expectations. In January 2023, Mr Elon said that Tesla had the innate ability to hit two million sales in 2023.The company cut down prices again and again in trying to win buyers over.
The achievement of BYD over Tesla is one of the obstacles facing the firm. ‘The Head of Money and Markets at Hargreaves Lansdown; Susannah Streeter said;
“As BYD has accelerated into the fast lane, it’s fresh evidence of just how competitive the EV market has become and how hard it will be for Tesla to swerve back to head the pack”.
For the whole year 2023,
“Shenzen based BYD sold more than 3 million so called New Energy Vehicles (NEVs) which includes “battery-only” vehicles and hybrids. Almost 1.6 million of it’s total sales were battery-only vehicles”,
the firm said.