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Tesla loses the title of largest seller of electric cars in the world
The American electric car manufacturing giant, Tesla has revealed its latest production and delivery figures for the fourth and final quarter of 2023.
During the last three months, the number of cars produced by Tesla reached 494,898 units, while total deliveries to customers reached 484,705 units, according to data seen by the specialized energy platform.
This figure compares with the sales of the Chinese company BYD, which sold 526,409 electric cars during the same quarter.
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| Tesla loses the title of largest seller of electric cars in the world |
This means that Tesla has lost the title of company with the highest sales of electric cars in the world, to the Chinese company “BYD”.
Tesla sales in 2023:
During the whole of 2023, Tesla's total production reached 1,845,985 electric cars, while total deliveries reached 1,845,985 cars, according to a report published by the American network “CNBC”.
This is much lower than the record achieved by BYD in the whole of 2023, when it sold 3.01 million cars (electric and conventional).
In 2022, Tesla delivered 1.31 million electric cars and produced 1.37 million units.
In this way, there is an annual increase of 28% in the number of deliveries and 35% in production.
Despite losing the title of the world's largest electric car seller, Tesla achieved the goal of reaching total sales of 1.8 million units in 2023.
The number of deliveries announced in the fourth quarter also exceeded the expectations of analysts surveyed by StreetAccount, with 477 thousand.
When asked about his expectations for 2023 sales, Tesla CEO Elon Musk said: "It's not possible to maintain a 50% compound growth rate forever... but I think we will grow very quickly, plus faster than any other car company on the planet.
Price war in China:
Tesla opened the door to the electric car price war when it reduced the prices of its models at the end of 2022, and continued this policy in 2023.
When Tesla reduced its prices in the third quarter of 2023, Tesla CFO Vaibhav Taneja described that period as: “a time of economic uncertainty, high interest rates and changing consumer sentiment.”
Some former and potential Tesla consumers had expressed their intention to avoid buying from the American company, due to the statements of its president and the person in charge of platform “X” (formerly Twitter), either on the platform or at public events.
In November 2023, the White House condemned Musk for promoting racist and anti-Semitic hate speech in his posts on X.
Facing fierce competition within China, which has the world's largest car market, reports revealed that Tesla intends to launch an updated version of its best-selling electric car, the Model 3, and also launched the Cybertruck at the end of November 2023.
BYD's ascension to the throne of electric car sales in the world represents a “turning point” for the Chinese company, which ranked second after Tesla in sales in the first half of 2023, according to a report published by the “Business Insider” Diario, which was reviewed by the energy platform.
During the third quarter of 2023, BYD came close to surpassing Tesla by just 3,000 electric cars.
This transformation heralds the entry into a new phase of China's control over the electric car sector.
Unlike American-made models that have lost popularity in China, companies like BYD have made significant strides in terms of quality and price.
According to data from the World Economic Forum, China is the largest electric car market in the world, producing 64% of global production and representing 59% of global sales during 2022.
Tesla sells 4 electric cars: Models S, Model 3 sedan and Models
On the other hand, BYD focused on price, which helped it win over a wide segment of consumers.
For example, the price of the Seagull electric car produced by BYD is only 73,000 yuan, or about $10,000, and it is the fourth best-selling electric car in China.