Tesla’s loss of its top position brings bad news for Elon Musk.
Tesla’s loss of its top position brings bad news for Elon Musk.
Elon Musk faced a setback as Tesla lost its top position, being surpassed by China’s BYD as the world’s best-selling electric vehicle manufacturer in the first quarter of 2024. Despite Tesla’s record sales of 484,507 vehicles in the third quarter of 2023, representing a 20% year-on-year increase, BYD outperformed with the delivery of 526,409 cars for the same period.
Tesla’s reign as the top electric vehicle manufacturer has come to an end after over eight years, with China’s BYD surpassing it in the first quarter of 2024. While Tesla has been a leader since 2015, China’s growing prominence in the electric vehicle market has allowed domestic companies like BYD to invest significantly, focusing on affordability. BYD, supported by Warren Buffett’s Berkshire Hathaway, has not only overtaken Tesla in quarterly sales but has also expanded its market reach beyond China to the UK and Europe.
