AUSTIN: In a major development, Chinese electric vehicle (EV) giant BYD has outpaced Tesla to claim the title of the world’s top electric car seller for the final quarter of 2023, Western media reported on Tuesday.
According to Elon Musk owned Tesla, it sold a record 484,507 vehicles in the third quarter of 2023, a 20% rise year-on-year. However, it wasn’t enough to remain at the top position.
BYD on Monday said that it had sold 526,409 cars for the same period.
The Texas-based electric car company was the top EV manufacturer for more than eight years as it overtook Nissan Leaf in 2015.
Musk has undertaken multiple price slashes throughout 2023 on vehicles, telling investors in April that Tesla has taken the view that pushing for higher sales is the right choice against taking a bigger margin.
China world’s largest market for EV
As China has become the world’s largest market for battery-powered cars, domestic car makers like BYD have invested immense capital to ensure that their vehicles are affordable.
The Chinese car manufacturer, which has vowed to defeat its Western counterparts, has also started expanding its business beyond China to the UK and Europe.
It is pertinent to mention that in a bold move that has sent ripples through the electric vehicle (EV) market, Tesla in September last year unveiled a restyled version of its Model 3, accompanied by strategic pricing adjustments aimed at solidifying its position as a major player in China and export markets worldwide.
This revamp marks Tesla’s first significant update to its mass-market Model 3 since the introduction of the Model Y in 2020. What made the launch even more noteworthy is that it debuted in China before the United States.
