Chinese EV maker BYD managed to outsell Tesla in the last quarter of 2023, with claimed sales of 526,000 vehicles. (Picture credit Tesla Inc.)
Tesla, long the king of the EV road, still kept the record for sales over the year delivering 1.8 million, but the figures demonstrate how the crown is under pressure. Tesla has attempted to keep volumes up with price reductions and has increased year on year sales, yet the combined efforts of Chinese makers and revamped lines from traditional manufacturers means that its dominance is far from guaranteed.
BYD makes its own batteries, and indeed the company was founded on the manufacture of rechargeable batteries, and this is seen as a key advantage in lowering costs. China also provides cheaper labour, a massive home market and good supply chains. It is also accused by some of using state subsidy in contravention to agreements and is currently under investigation by the EU.
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