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Thursday, February 29, 2024

Electric cars. Tesla vs. BYD. Change of leader

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In the last quarter of 2023, Tesla delivered a record number of electric cars to the market. At the same time, the American manufacturer lost its position as a leading manufacturer because it was overtaken by the Chinese company BYD in terms of quarterly sales.

In the last quarter of 2023, Tesla delivered 484,507 units of electric cars. At the same time, the Chinese manufacturer BYD, supported – as Reuters notes – by Warren Buffett, delivered 526,409 units. Mainly for the domestic market.

As the agency notes, “although the American carmaker’s sales efforts (including price cuts) have largely paid off, helping it deliver 1.8 million vehicles this year,” it failed to achieve the ambitious internal goal set by Elon Musk. – sales of 2 million per year.

At the same time, in terms of the whole year, Tesla still dominates. Its Chinese competitor delivered a total of 3.02 million cars, but “only” 1.4 million of them were electric cars (plug-in hybrids).

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Susannah Streeter, director of money and markets at Hargreaves Lansdown, told Reuters that BYD’s deliveries show that price cuts are benefiting the Chinese company.

“The fight will hurt the margins of both companies, but BYD clearly believes it is a price worth paying to increase market share and recognition,” she added.

Fighting for the future on the market

The agency notes that Tesla has increased rebates and offered incentives such as six months of free fast charging if customers take deliveries by the end of December, looking to boost sales before some variants of its Model 3 compact sedan lose their federal tax breaks in the USA in 2024

Thanks to this, Tesla recorded an increase of 11%. compared directly to the previous quarter, higher than estimates of 473,253, according to 14 analysts surveyed by LSEG. After halting production in the third quarter to modernize assembly lines, the company produced a record 494,989 vehicles in the quarter, bringing total production in 2023 to 1.85 million units.

On Wednesday, data from the China Passenger Car Association (CPCA) showed that Tesla sold 94,139 electric vehicles (EVs) made in December China, which is an increase of 68.7%. compared to the previous year.

Main photo source: Shutterstock



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