BYD said on Monday that it sold a record 526,000 pure battery vehicles in the final quarter of 2023. It was the first quarter in which sales of pure battery vehicles surpassed Tesla’s. The US-based company saw demand slow as borrowing costs rose. However, throughout 2023, Musk’s Tesla still sold more, reports Technology News UK.
On Tuesday, Tesla announced that it delivered a record 484,500 electric vehicles in the last three months of 2023 and 1.8 million for the whole year. Year-end performance was better than analysts expected as sales rose 20% compared to the same period in 2022 and accelerated from the start of 2023. Dan Ives, an analyst at Wedbush Securities, called the quarter a “clear win” for Tesla. But the earlier expectations were not met. Last January, Musk said Tesla could reach two million deliveries by 2023. The company repeatedly lowered prices to attract buyers.
The milestone achieved by BYD is a reminder of the challenges the company faced that helped create the electric vehicle industry.
“BYD’s acceleration into the fast lane is further evidence of how competitive the electric vehicle market has become and how difficult it will be for Tesla to get back to the top,” said Susannah Streeter, head of finance and markets, from Hargreaves Lansdown.
