Even though Elon Musk's electric car company delivered more vehicles than anticipated in the fourth quarter, it wasn't enough to keep it ahead of BYD of China in worldwide sales.
In the past three months, Tesla delivered 484,507 vehicles, which was more than the average projection of 483,173 deliveries made by analysts.
Thanks in large part to its considerably wider array of more affordable models in China, BYD sold 526,409 EVs in the quarter, moving it up to the position of new EV market leader.
Even though the Austin-based automaker delivered more than expected (1.8 million vehicles), it fell far short of the optimistic scenario Musk had predicted a year ago. A succession of price drops could not stimulate sufficient demand to support that level of production, even after the CEO informed analysts the company could produce 2 million automobiles.
After suffering a record loss in 2022 because to Musk's acquisition of Twitter, Tesla's shares surged 102% last year.
An indicator of China's increasing influence in the global car industry is the shift in the ranks of EV sales. China may have surpassed Japan as the world's leading exporter of passenger cars in 2023, following recent successes in eclipsing the US, South Korea, and Germany.