Elon Musk Tuesday suffered a major setback — not a good way to start the New Year — as his company Tesla was overtaken by China’s BYD as the world’s best-selling electric vehicle manufacturer.
As per the Telegraph, Musk’s Tesla has said that it sold a record 484,507 vehicles in the third quarter of 2023, a 20% rise year-on-year.
But it wasn’t enough to remain at the top.
BYD had on Monday revealed that it had delivered 526,409 cars for the same period.
The American car company was the top EV manufacturer for more than eight years as it overtook Nissan Leaf in 2015.
But as China becomes the world’s biggest market for battery-powered cars, domestic giants like BYD have invested immense capital to ensure that their vehicles are affordable.
The Chinese car manufacturer, which has vowed to “demolish” its Western counterparts, has also begun expanding beyond home and selling cars in the UK and Europe.
BYD — backed by Warren Buffett’s investment vehicle, Berkshire Hathaway — has also beaten Musk’s Tesla in total sales.