Shifting Gears In The EV Race - China's BYD Surpasses Tesla In The Final Quarter of 2023

• BYD outperformed Tesla in electric vehicle sales in the last quarter of 2023, selling a record-breaking 526,000 battery-only vehicles.
• Despite a decline in demand due to higher borrowing costs, Tesla led annual sales with 1.8 million vehicles in 2023.
• Tesla's stock witnessed a remarkable surge of 110% in 2023.

BYD surpasses Tesla Inc TSLA in electric vehicle sales, selling a record 526,000 battery-only vehicles in the last quarter of 2023. This achievement highlights the EV market's rapid growth and intensifying competition among industry leaders.

Tesla faced a decline in demand due to the increase in borrowing costs. Nevertheless, Tesla remains the top performer in terms of annual sales, delivering an impressive 1.8 million vehicles in 2023.

Although this falls slightly short of Tesla's target of 2 million deliveries, it is worth noting that their end-of-year performance surpassed expectations with a strong 20% growth compared to 2022.

Tesla's stock performance in 2023 stood out from a financial perspective. The shares experienced an impressive surge of 110% throughout the year, although there has been a slight decrease of 3% in 2024 so far.

Investors are eagerly anticipating Tesla's Q4 earnings, which are expected to be announced on January 24th. The estimated earning per share for this quarter is $0.74. This anticipation is heightened due to the disappointment of Tesla's Q3 earnings, which fell short at $0.66 per share compared to the estimated $0.73.

The upcoming earnings report is a crucial moment for Tesla as it has the potential to greatly impact investor confidence and the company's stock trajectory.

If Tesla's stock establishes a solid support level, it has the potential to drive significant market shifts. Furthermore, close attention should be paid to a potential breakthrough above the $300 mark, as this may signal a robust bullish trend for Tesla's stock.

After the closing bell on Tuesday, January 2, the stock closed at $248.42, trading down by 0.07%.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.