It’s clear that BYD has emerged as Tesla’s closest competitor, with a suite of impressive, likeable electric vehicles and increasing sales in export markets (yes, including Malaysia). And while its American competitor is still a frontrunner in the EV sales stakes, China’s pre-eminent electric car and battery maker has gained so much momentum that it actually caught and passed Tesla in the final quarter of last year, BBC reported.
According to the British broadcaster, BYD sold a record 526,000 vehicles in the last three months of 2023, the first time it surpassed Tesla’s sales, which hit 484,500 units over the same period – itself a record for the latter. Both companies slashed prices (Tesla through its Gigapress production process, BYD via its booming in-house battery business), but BYD’s sharp price cuts at the end of the year boosted sales by 70% in December alone. On the flip side, demand for Teslas has reportedly slowed due to rising borrowing costs.
Despite this, Tesla still sold more vehicles for the whole of 2023, narrowly edging out BYD with 1.8 million cars sold versus 1.6 million for BYD. Its performance has apparently surpassed analysts’ expectations, as it represented a 20% increase over 2022 and picked up pace from earlier in the year. One analyst, Dan Ives of Wedbush Securities, said the quarter was a “clear win” for Tesla.
However, it still fell short of what CEO Elon Musk’s own target; back last January, he proclaimed that Tesla has the potential to sell two million vehicles in 2023. This, together with BYD’s rising popularity, meant Tesla came perilously close to losing its sales crown.
“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,” said Hargreaves Lansdown head of money and markets Susannah Streeter.
In Malaysia, BYD has yet to post sales figures, but it almost certainly leads the local EV market with the Atto 3 SUV and Dolphin hatchback. The company has big plans this year with the upcoming launch of the Seal sedan, expected to happen in the first quarter of 2024. Meanwhile, Tesla kicked off deliveries of the Model 3 in late November, with the Model Y following suit sometime early this year.
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