Gabriel Walker 
Jan 02, 2024
In a rough start to 2024 for Elon Musk, Tesla lost its top spot as the world's leading electric vehicle (EV) manufacturer to China's BYD, as reported by the Telegraph on Tuesday.
Tesla, led by Musk, proudly announced a record sale of 484,507 vehicles in the third quarter of 2023, marking a 20% year-on-year surge in sales.
However, these impressive figures weren't enough to maintain Tesla's position at the forefront.
The Chinese automaker BYD disclosed that it had delivered 526,409 cars during the same period, surpassing Tesla's sales figures.
Having dominated the EV market for over eight years since surpassing Nissan Leaf in 2015, the American car giant faced a challenge from BYD.
As China solidifies its status as the largest market for electric cars, domestic titans like BYD have heavily invested in making their vehicles more affordable and appealing.
BYD, aiming to outpace its Western competitors, has extended its market beyond China, venturing into sales in the UK and Europe.
Notably, backed by Warren Buffett's investment firm Berkshire Hathaway, BYD has not only outperformed Tesla in recent sales but has also surpassed the American company in total sales.
