Tesla Sets Quarterly Record but Loses Top EV Spot to BYD in 2023
Quiver Quantitative — Tesla (NASDAQ:TSLA) wrapped up 2023 with a record-setting fourth quarter, delivering 494,989 electric vehicles, yet it couldn't retain its position as the leading EV manufacturer, surpassed by China's BYD (SZ:002594). Despite achieving a remarkable annual production of 1.85 million units, Tesla fell short of CEO Elon Musk's goal of 2 million. In comparison, BYD, bolstered by Warren Buffett's backing, surpassed Tesla with 526,409 deliveries in the fourth quarter, reflecting a consumer shift towards more affordable EV options in an economy burdened by high interest rates.
BYD's total deliveries for the year stood at 3.02 million, including approximately 1.4 million plug-in hybrid EVs, outpacing Tesla's total annual deliveries. This shift suggests that BYD's strategy of price cuts is effectively capturing market share and recognition. Tesla, in response, introduced various incentives, such as free fast charging for six months for customers who completed their purchases by the end of December. This strategy contributed to Tesla's 11% growth over the previous quarter, exceeding analyst expectations.
Market Overview: -Tesla roars to record Q4 deliveries, beating estimates but falling short of its ambitious 2 million target. -China's BYD surges past Tesla, claiming the top EV maker crown with higher overall deliveries in 2023. -High interest rates and Tesla's price cuts reshuffle the EV landscape, favoring cheaper models. -Broader economic uncertainty dampens overall EV demand, impacting smaller players like Rivian (NASDAQ:RIVN).
Key Points: -Tesla delivers 494,989 EVs in Q4, exceeding market expectations of 473,253 but trailing BYD's 526,409. -Tesla reaches 1.8 million annual deliveries, missing Elon
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