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BYD оvertakes Tesla in global EV sales

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  • Tesla record deliveries in Q4 2023
  • BYD surpasses Tesla as the world’s top EV maker

New Quarter, new record deliveries for Tesla.

The largest US Electric vehicle (EV) automaker beat delivery estimates of 483k, hanging over 485k cars in Q4 2023.

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Tesla also reached another milestone of hanging over 1.8m electric vehicles (EV) in 2023, compared to 1.31m last year, translating into an annual growth rate of 37.7%.

However, this achievement fell short of the more ambitious projection made by CEO Elon Musk a year earlier. Musk had envisioned the potential for producing 2 million vehicles. Still, despite implementing price reductions, the company could not stimulate sufficient demand to meet this elevated production goal to achieve a 50% long-term average growth rate.

Model X and Y accounted for over 90% of all deliveries this quarter.

Elon Musk’s lead company also unveiled and produced its long-awaited, futuristic-looking Cybertruck.

The United States and China represent the primary markets for the company. Its manufacturing facilities in Fremont, California, produce the Model S, X, 3, and Y. At the same time, the Shanghai plant focuses on the Model 3 and Y. Additionally, the company’s facilities in Austin and near Berlin are dedicated to producing the Model Y.

BYD, the new EV king

Chinese automaker BYD overtook Tesla in quarterly deliveries in Q4 2023 for the first time.

Despite Tesla delivering more than the analysts estimated, it could not stay ahead of BYD’s co in global EV sales. BYD had 526k deliveries, while Tesla handed over 485k EVs in the fourth quarter of 2024.

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BYD, established in the 1990s, initially specialized in creating rechargeable batteries, including those used in mobile phones. The company later entered the automotive industry in the early 2000s.

The early accomplishments of BYD caught the attention of Warren Buffett’s Berkshire Hathaway, which resulted in an investment in 2008.

Both manufacturers cut their prices on some of their vehicles to boost the demand for their products.

Tesla has lost some market share in China, quite likely due to the expansion of its rival BYD.

Furthermore, in 2024, the US EV company faces more headwinds, including the discontinuation of U.S. federal tax benefits and the end of Germany’s subsidy program.

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Violeta Todorova

Senior Research

Violeta è entrata a far parte di Leverage Shares nel settembre 2022. È responsabile dello svolgimento di analisi tecniche e ricerche macroeconomiche ed azionarie, fornendo pregiate informazioni per aiutare a definire le strategie di investimento per i clienti.

Prima di cominciare con LS, Violeta ha lavorato presso diverse società di investimento di alto profilo in Australia, come Tollhurst e Morgans Financial, dove ha trascorso gli ultimi 12 anni della sua carriera.

Violeta è un tecnico di mercato certificato dall’Australian Technical Analysts Association e ha conseguito un diploma post-laurea in finanza applicata e investimenti presso Kaplan Professional (FINSIA), Australia, dove è stata docente per diversi anni.

Julian Manoilov

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Oktay Kavrak

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Oktay è entrato a far parte di Leverage Shares alla fine del 2019. È responsabile della crescita aziendale, mantenendo relazioni chiave e sviluppando attività di vendita nei mercati di lingua inglese.

È entrato in LS da UniCredit, dove è stato responsabile delle relazioni aziendali per le multinazionali. La sua precedente esperienza è in finanza aziendale e amministrazione di fondi in società come IBM Bulgaria e DeGiro / FundShare.

Oktay ha conseguito una laurea in Finanza e contabilità ed un certificato post-laurea in Imprenditoria presso il Babson College. Ha ottenuto anche la certificazione CFA.

Sandeep Rao

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Sandeep è entrato a far parte di Leverage Shares nel settembre 2020. È responsabile della ricerca sulle linee di prodotto esistenti e nuove, su asset class e strategie, con particolare riguardo all’analisi degli eventi attuali ed i loro sviluppi. Sandeep ha una lunga esperienza nei mercati finanziari. Iniziata in un hedge fund di Chicago come ingegnere finanziario, la sua carriera è proseguita in numerose società ed organizzazioni, nel corso di 8 anni – da Barclays (Capital’s Prime Services Division) al più recente Index Research Team di Nasdaq. Sandeep detiene un M.S. in Finanza ed un MBA all’Illinois Institute of Technology di Chicago.

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