China’s EV giant BYD beats Elon Musk’s Tesla in sales

WEB DESK: In a surprising turn of events, the year 2024 has commenced on a challenging note for Elon Musk as Tesla finds itself displaced by China’s BYD as the global leader in electric vehicle sales.

Despite Tesla’s claim of a remarkable achievement with the sale of a record-breaking 484,507 vehicles in the third quarter of 2023, reflecting a substantial 20 per cent year-on-year increase, it proved insufficient to maintain its coveted position at the pinnacle.

According to Telegraph, BYD, the Chinese automaker, announced on Monday that it had outperformed Tesla by delivering an impressive 526,409 cars during the same period.

This marks a significant shift in the dynamics of the electric vehicle market, as Tesla has maintained its status as the top EV manufacturer for over eight years, surpassing Nissan Leaf in 2015.

The ascendancy of BYD can be attributed to China’s emergence as the world’s largest market for battery-powered cars.

Domestic automotive giants, including BYD, have strategically invested substantial capital to ensure the affordability of their vehicles, resonating with the growing demand in the region.

In an assertive move, BYD, known for its commitment to “demolish” Western counterparts, has expanded its reach beyond its home market, successfully selling cars in the UK and Europe.

Supported by Warren Buffett’s investment vehicle, Berkshire Hathaway, BYD has not only secured a dominant position in its domestic market but has also surpassed Musk’s Tesla in overall sales.

This shift underscores the dynamic nature of the electric vehicle landscape, with China’s homegrown manufacturers challenging and reshaping the global hierarchy in this rapidly evolving industry.

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