BYD sold\u00a0526,409<\/a><\/strong>\u00a0fully electric vehicles in the quarter to become the new No. 1 in EVs, driven mainly by its much broader lineup of cheaper models in China.<\/p>\n While Tesla exceeded its target to deliver 1.8 million vehicles for the year, the Austin-based carmaker came up well short of an upside scenario Musk touted 12 months ago.<\/p>\n After the chief executive officer told analysts the company had the potential to produce\u00a02 million<\/a><\/strong>\u00a0cars, a series of\u00a0price cuts<\/a><\/strong>\u00a0failed to stoke enough demand to support that much output.<\/p>\n The Austin-based carmaker is likely to deliver upwards of 2.1 million vehicles in 2024, despite a cloudy outlook for overall EV demand, Ben Kallo, an analyst at Baird, estimated in a research note.<\/p>\n Shares of Tesla pared an early dip of as much as 1.6% Tuesday to trade little changed at $248.43 as of 1:30 p.m. in New York.<\/p>\n The stock soared 102% last year, rebounding from a\u00a0record loss<\/a><\/strong>\u00a0in 2022 linked to Musk\u2019s takeover of Twitter, the social media company now known as X.<\/p>\n The change in EV sales rankings reflects China\u2019s\u00a0growing clout<\/a>\u00a0<\/strong>in the global automotive industry.<\/p>\n After surpassing the US, South Korea and Germany the last few years, China may have overtaken Japan as the world\u2019s largest passenger-car exporter in 2023.<\/p>\n Tesla generates more revenue and profit than BYD because it sells much higher-priced vehicles and relies on just two models for the lion\u2019s share of its sales. The Model Y sport utility vehicle and Model 3 sedan accounted for 95% of deliveries in the fourth quarter.<\/p>\n Despite a strong position in its home market of China, BYD doesn\u2019t sell in the US, where its vehicles would face a\u00a027.5% import tariff<\/a><\/strong>\u00a0and\u00a0other hurdles<\/a><\/strong>.<\/p>\n \u201cIn the US, Tesla is still the dominant EV name,\u201d Dan Levy, an analyst at Barclays, said in a Bloomberg TV interview.<\/p>\n Musk added another model to Tesla\u2019s lineup late last year, starting sales of\u00a0the Cybertruck<\/a><\/strong>\u00a0years behind schedule.<\/p>\n The company\u00a0didn\u2019t break out<\/a><\/strong>\u00a0how many of the stainless steel-clad pickups it produced and delivered before year-end.<\/p>\n The Cybertruck launch marked Tesla\u2019s entry into the highly competitive truck market in the US. Musk has cautioned that it may take the company 12 to 18 months to reach volume production and generate positive cash flow with the vehicle, which is difficult to build and packed with new technology.<\/p>\n \u201cYou\u2019re not going to get more than 20,000 units in 2024 because it is such a slow ramp,\u201d Levy said of the Cybertruck. \u201cIt will draw on some consumers that want more of a lifestyle vehicle. But we don\u2019t see Cybertruck really penetrating that core, large pickup market which is used for work purposes.\u201d<\/p>\n Although Tesla doesn\u2019t break out quarterly vehicle sales by region, the US and China are its largest markets. The company makes the Model S, X, 3 and Y in Fremont, California, and the Model 3 and Y in Shanghai. It also produces the Model Y at its plants in Austin and outside Berlin.<\/p>\n There is a new global number one in electric car sales, and unlike Tesla, it is already in South Africa.<\/p>\n","protected":false},"author":341034,"featured_media":520569,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[29366],"tags":[85881,78574,90420,67290,11373,35,20719],"class_list":["post-520561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-byd","tag-car-manufacturers","tag-chinese-cars","tag-electric-vehicles-evs","tag-elon-musk","tag-headline","tag-tesla"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/520561"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=520561"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/520561\/revisions"}],"predecessor-version":[{"id":520567,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/520561\/revisions\/520567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/520569"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=520561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=520561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=520561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2024\/01\/BYD-electric-car-sales-vs-Tesla_Bloomberg-graph.jpg\")
<\/p>\n![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2024\/01\/Teslas-record-quarter-of-deliveries_Bloomberg-graph.jpg\")
<\/p>\nNow read: Seven new electric cars coming to South Africa \u2014 including a double-cab bakkie<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"