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BYD overtakes Tesla as world’s top EV maker

US car maker Tesla has lost its crown as the top maker of all-electric vehicles to Chinese firm BYD, according to sales figures released today.

The US-based car manufacturer run by billionaire Elon Musk delivered 484,507 vehicles in the fourth quarter of 2023, said a company filing, which is up more than 11% from the previous quarter.

But this increase was not enough to maintain Tesla’s crown as the world’s top battery electric vehicle producer and seller.

Chinese rival BYD reported sales yesterday of 526,409 for the same period.

These figures underscore the challenges Tesla will likely face this year from competitors keen to capitalise on the growing demand for EVs.

Tesla’s stock slipped after the news was announced, before regaining ground.

As well as besting Tesla in pure electric vehicle sales, BYD sold more than 400,000 plug-in hybrid electric vehicles in the fourth quarter.

In total, it sold more than three million passenger vehicles last year.

However, Tesla was still the top seller of EVs on an annual basis, delivering more than 1.8 million vehicles to customers in the year to December, above BYD’s sales figure of just under 1.6 million.

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