BYD Beats Tesla To Become The World's Top EV Maker
The rivalry shows the difficulties Tesla faces in the booming EV market.
China's BYD has become the world's largest maker of all-electric vehicles (EVs)
In the last quarter of 2023, Tesla sold 484,507 EVs, marking an 11% increase from the previous quarter.
However, BYD sold 526,409 EVs, surpassing Tesla by a wide margin, according to the New Straits Times.
Image via New Straits Times
The rivalry highlights the challenges Tesla faces in the thriving EV market
That said, Tesla still sold the most EVs for the entire year, with over 1.8 million deliveries in 2023.
In comparison, BYD sold a total of 1.6 million vehicles.
Tesla's stock fell following the news of BYD besting the US automotive giant
The news of BYD likely spooked investors, causing Tesla's stock to fall by 2.12% following the announcement.
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