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China's BYD overtakes Tesla as top-selling electric carmaker
The Guardian
|January 03, 2024
Elon Musk's Tesla has been outperformed by its Chinese rival, BYD, as the world's top-selling electric carmaker.
BYD, which has been backed by the US billionaire Warren Buffett since 2008, has beaten Tesla's production level for a second consecutive year.
BYD, which stands for Build Your Dreams, said it produced 3.02m new energy vehicles in 2023. The multinational Tesla announced yesterday that it made 1.84m cars.
However, BYD's sales figures include 1.6m battery-only cars and 1.4m hybrids, which means Tesla is still the leader in the production of electric battery-only cars. But in the final quarter of last year BYD outsold Tesla in battery-only cars - 526,000 to 484,000 - for the first time.
Most of BYD's vehicles sell at a lower price point than Tesla, which derives about 20% of its sales from the Chinese market.
This story is from the January 03, 2024 edition of The Guardian.
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