In a turn of events, Chinese automaker BYD, a company backed by renowned investor Warren Buffet, is edging closer to challenging Tesla's stronghold in the global electric vehicle (EV) market. Recent figures obtained by Bloomberg reveal that during the third quarter of 2023, BYD sold 4,31,603 pure electric cars worldwide, marking a significant 23 per cent increase as opposed to the same period last year. This achievement places BYD just 3,456 sales behind Tesla, which reported delivering 4,35,059 vehicles during the same period.
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This data suggests that if BYD maintains this momentum into the fourth quarter, they could potentially surpass Tesla, heralding a substantial shift in the EV manufacturing landscape. This would mark the first time Tesla would relinquish its position as the leading EV manufacturer since dethroning Nissan around 2019. However, there are factors to consider that might influence this race, including potential overnight price cuts in the US and Tesla's recently unveiled Model 3 facelift, which could impact sales and potentially prevent BYD from clinching the top spot in the next quarter.
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It is important to note that currently, Tesla offers a narrower range of four models, with the more affordable Model 3 sedan and Model Y crossover constituting over 96.3 per cent of all deliveries. On the other hand, BYD boasts a diversified range of EVs, extending from the Dolphin hatch to various crossovers and sedans. Additionally, BYD also plug-in hybrids (PHEVs). In the third quarter alone, BYD sold 3,90,491 PHEVs worldwide, bringing its combined EV and PHEV sales to 8,22,094 units.
Regardless of whether BYD manages to overtake Tesla in the immediate future, the company has undoubtedly solidified its position as China's leading car brand. Earlier this year, BYD achieved a significant milestone by surpassing Volkswagen in sales for the first quarter, a position the latter had held since at least 2008. Although the majority of BYD's sales still occur within China, the company has been expanding its reach into Europe, Australia, and other global markets. Notably, the US remains a critical market where BYD is yet to establish a significant presence.
