Warren Buffett-Backed BYD Closes In On Tesla, Set To Top Quarterly EV Sales

Backed by Warren Buffett, China’s BYD Co Ltd BYDDF is on track to surpass Tesla Inc. TSLA in quarterly electric vehicle sales, marking a significant shift in the EV market.

According to a report by Barron’s, BYD’s October sales figures revealed an impressive growth in its electric vehicle (EV) sales. The Chinese automaker sold 301,095 passenger vehicles, including 165,505 battery-electric vehicles (BEVs) and 135,590 plug-in hybrids. The BEV sales grew by 60% year over year.

BYD’s rapid growth has brought it neck-and-neck with Tesla in terms of all-battery electric vehicles. In Q3, BYD shipped approximately 432,000 BEVs, just shy of Tesla's 435,000 units.

See Also: Musk Offers To Solve SF Rail Extension Issue For Just 1% Of Cost

While Tesla vehicles cater to a different market segment and are sold at a higher price point, BYD’s success underscores the demand for lower-priced EVs. Tesla is expected to deliver its Cybertruck this month, while the launch of a smaller, lower-priced model remains uncertain.

Wall Street estimates suggest that BYD will outpace Tesla in Q4, shipping about 490,000 BEVs against Tesla’s projected 475,000. However, Tesla is expected to maintain its lead for the full year, shipping around 1.8 million units compared to BYD’s estimated 1.5 million.

Despite the stiff competition, the Chinese EV market’s strength bodes well for both companies. BYD’s sales rose 60% year over year, while Tesla sold about 433,000 BEVs in China in 2023, up approximately 36% year over year.

Read Next: Bearish Tesla Analyst Warns Of Potential Mass Exodus By Big Institutional Investors: ‘It’s Poor Results…That Are Getting Worse’

Photo by Philip Lange on Shutterstock


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