Elon Musk has grown Tesla Inc. into one of the world's most recognizable brands — and not just in the automotive space. But while Tesla has been the top dog in the U.S. electric vehicle (EV) market, BYD Auto Co. Ltd., a publicly listed Chinese multinational manufacturing company, has been making noise overseas.
Chinese automaker BYD — a company that Warren Buffett’s Berkshire Hathaway Inc. owns about 6% of — beat out Tesla to become the leader in global electric car sales in the fourth quarter of 2023.
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Tesla Vs. BYD: What Happened?
The fourth quarter of 2023 saw BYD surpass Tesla in global EV sales, delivering 526,409 cars compared to Tesla’s 484,507.
Despite Tesla’s higher annual sales of 1.8 million vehicles against BYD’s 1.57 million, this quarterly achievement signals a potential shift in the EV market. That's especially true if BYD someday finds itself making a dent in the U.S. market.
While these two EV giants continue their battle for dominance, U.S. manufacturer Rivian Automotive Inc. continues to struggle. The company reported a 10% decrease in deliveries from the previous quarter, totaling 13,972 EVs, which fell short of expectations.
The Year Ahead
There's sure to be a battle between Tesla and BYD in 2024 and beyond. However, these companies don't control their own fate. There are other factors at play, such as changes in U.S. tax credit eligibility that have already affected popular EV models including the Tesla Cybertruck All-Wheel Drive and some Tesla Model 3s.
Keep a close eye on demand for EVs in 2024, as a loss of momentum could impact sales across Tesla, BYD, Rivian and other manufacturers.
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