BYD challenges Tesla’s supremacy with record EV sales in Q4

Leading Chinese car manufacturer BYD reported selling 526,409 fully electric vehicles (EVs) in the fourth quarter, challenging Tesla’s global market leadership. According to a stock exchange filing, BYD’s sales, boosted by end-of-year discounting, hit 340,178 EV and hybrid units in December, including 190,754 all-electric models. Overall, BYD reported a 62% year-on-year increase in 2023, selling 3.01 million units.

The Shenzhen-based automaker’s sales comprised 1.6 million battery EVs and over 1.4 million plug-in hybrid EVs. Meanwhile, Tesla, led by billionaire Elon Musk, is estimated to have sold approximately 483,200 units in December, as per Bloomberg compiled estimates. The revamped Model 3 and the newly launched Cybertruck may spike Tesla’s sales, which had set a full-year sales target of 1.8 million units.

In addition, Tesla has been adjusting prices in the US and…