Underdog no more: BYD overtakes Tesla as world's top electric carmaker in Q4 2023

Back in 2011, Elon Musk was asked in an interview whether he saw the Chinese brand BYD as competition for Tesla. The American entrepreneur reacted with amusement. However, almost 12 years later, he is likely no longer laughing. The underestimated BYD has indeed risen to be a significant competitor.

For several years, the Chinese company had been steadily gaining on Tesla, but until recently, it always remained in second place. The situation shifted in the fourth quarter of 2023, when BYD officially outperformed Tesla to clinch the top spot among global electric car manufacturers.

In the final quarter of the previous year, BYD sold an impressive total of 526,409 electric vehicles. By comparison, Tesla sold 484,507 cars. The difference is sizable, although not large enough to affect Tesla's annual performance lead.

However, if this trend continues, 2024 could see BYD dominating the market. The Chinese company outshone Tesla not only with a more extensive range of vehicles on offer, but also with their competitive pricing structure.