Tesla Inc. has been knocked off its perch as the elective vehicles leader, after delivery data showed that China-based auto giant BYD Co. is now beating Tesla in the EV game.
BYD
BYDDY,
002594,
said over the long weekend that it sold 190,754 battery electric vehicles in December, up 70.4% from the same period a year ago.
Including the 170,150 EVs sold in November and the 165,505 EVs delivered in October, BYD sold 526,409 EVs during the fourth quarter.
Tesla reported Tuesday fourth-quarter deliveries of 484,507 vehicles, up 19.5% from a year ago and above the FactSet consensus of 473,000, but 8% below BYD’s total.
Tesla’s stock
TSLA,
gained 0.3% in premarket trading Tuesday, reversing an earlier premarket loss of as much as 1.4%.
In the third quarter, BYD had sold 431,738 EVs while Tesla delivered 435,059.
And for 2023, BYD delivered 1.575 million EVs, while Tesla’s 2023 delivered 1.809 million EVs.
Tesla’s stock had soared 101.7% in 2023, while BYD’s U.S.-listed shares gained 11.3%. In comparison, the iShares MSCI China ETF
MCHI
dropped 14.2% in 2023 while the S&P 500 index
SPX
advanced 24.2%.
This story originally appeared on Marketwatch
