Elon Musk has made Tesla Inc. one of the most recognizable brands in the world – and not just in the automotive sector. But while Tesla continues to dominate the US electric vehicle (EV) market, publicly listed Chinese multinational manufacturing company BYD Auto Co Ltd is making waves overseas.
Chinese automaker BYD – a company in which Warren Buffett’s Berkshire Hathaway Inc. owns about a 6% stake – overtook Tesla to become the global electric car sales leader in the fourth quarter of 2023.
Tesla and BYD were both startups. Investing in today’s popular startups can make you a very rich person in the future. Here are some of the top offers for 2024.
Tesla Vs. BYD: What happened?
BYD overtook Tesla in global EV sales in the fourth quarter of 2023, delivering 526,409 cars compared to Tesla’s 484,507.
Despite Tesla’s higher annual sales of 1.8 million vehicles versus BYD’s 1.57 million, this quarterly achievement signals a potential turnaround in the EV market. This is especially true if BYD finds itself breaking into the US market someday.
While these two EV giants continue their battle for dominance, American manufacturer Rivian Automotive Inc. continues to struggle. The company reported a 10% decline in deliveries compared to the previous quarter, totaling 13,972 EVs, which was lower than expected.
coming year
There is sure to be a fight between Tesla and BYD in 2024 and beyond. However, these companies do not control their own destiny. It also includes other factors, such as changes to US tax credit eligibility, which have already affected popular EV models including the Tesla Cybertruck all-wheel drive and some Tesla Model 3s.
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This article Elon Musk, Tesla no longer on top in EV sales (Warren Buffett says hello) originally appeared on Benzinga.com
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