BYD is becoming close to easily surpassing Tesla in sales figures. This is because of the factory downtime, which has led to Tesla’s decline in deliveries since last year. The three-month timeline ended on September 30, 2023, and BYD has been able to sell around 431,603 complete electric vehicles. This marks a 23% increase as compared to the previous quarter.
As compared to Tesla, it has sold around 435,059 electric cars across the globe during the same given time. The gap between Tesla and BYD is around 3456 electric vehicles, and this is the closest margin till now.
The CEO of Snow Bull Capital is Taylor Ogan. In both companies, it is a Shenzhen-based hedge fund. He predicted that ‘BYD is going to sell electric vehicles more than Tesla in the upcoming fourth quarter.’
The increase in sales of BYD is merely a small difference. But this can allow BYD to easily overtake Tesla, a US-based rival of battery electric vehicles.
However, BYD is far ahead as compared to Tesla in terms of complete sales of EVs and hybrids. Also, including hybrid models, BYD has been able to sell around 822,094 vehicles. This is a record-breaking quarter and makes it China’s top-selling car brand.
Tesla disappoints big time.
The third-quarter sales of Tesla are lower than the analyst’s expectations. Sales have declined by around 6.7% as compared to the previous quarter.
Elon Musk warned that planned upgrades to manufacturing plants can lead to low deliveries throughout the year.
Also, the company is facing low demand. However, the company still plans to produce around 1.8 million electric vehicles in 2013. This means that they need to sell around 450, 000 cars in their last quarter.
The surge in BYD sales
BYD has been able to surge its sales in China. This has been possible by selling affordable electric vehicles, unlike Tesla, NIO, or XPeng. BYD also unseated Volkswagen as the top-selling car brand in China.
However, they are now growing outside China, in places like Thailand, Israel, Singapore, Japan, Europe, etc. The EVs made in China are completely changing the auto industry.
BYD’s backers, such as Warren Buffett’s Berkshire Hathaway, are completely satisfied with the way the company is flourishing. As per Buffett’s business partner, Charlie Munger, ‘I have been unable to help at Berkshire, which was equally good as BYD.’ Also, he said, ‘BYD is a lot ahead as compared to Tesla in China.’
