Advancement in the race for electric cars. The figures published this Tuesday by the American Tesla They confirm that their sales have fallen behind those of the Chinese BYD for the first time in the fourth quarter of this year. The data confirms that the absolute dominance of the electric car market that justified Tesla valuations well above a trillion dollars is far from a reality.
Tesla reported this Tuesday that it delivered 484,507 cars in the fourth quarter of 2023. This figure represents a record for the company and a growth of 19.5% compared to the figure from a year ago. In 2023 as a whole, Tesla's sales were 1.81 million units, an increase of 38% compared to 2022.
The company has achieved its official goal of achieving sales of 1.8 million units in 2023. Elon Musk, however, noted at the analyst conference a year ago, in a moment of euphoria, that the price cuts that was undertaking by the company could allow it to reach two million cars sold last year.
Although for the year as a whole, Tesla retains leadership in the pure electric market, in the fourth quarter the Chinese BYD dethroned Elon Musk's company with sales of 526,409 electric cars, according to data published on Monday. The Asian company was already on the verge of surpassing the American company in the third quarter and by the fourth the sentence was set.
BYD also sells plug-in hybrid vehicles. Throughout the year, the Chinese company has sold 1.57 million electric cars, plus 1.44 million hybrids. In the combination of the two technologies, it has already surpassed Tesla in 2022. The company is also growing much more strongly than Tesla, 73% in relation to pure electric vehicles.
Tesla cars are much more expensive and, predictably, their turnover from the sale of pure electric vehicles continues to be higher. The company will publish its results for the fourth quarter and fiscal year 2023 on January 24. In 2022, the company became the most profitable American automaker, ahead of General Motors and Ford. Price reductions have eroded margins in 2023 and neither turnover nor profit have been growing at the same rate as units sold.
Tesla has entered the competitive US truck market with the launch of the Cybertruck electric SUV at the end of last November. The company has not provided the number of units sold of that model, which for now has a symbolic weight in the total. Musk has warned that it may take the company between 12 and 18 months to reach production volume and generate positive cash flow with this vehicle, which is difficult to manufacture and packed with new technologies. The Cybertruck arrives with a long delay compared to initial plans, more than four years after its eventful public presentation.
In October, in a conference with analysts on the occasion of the presentation of third quarter results, Musk indicated that he expects to sell about 250,000 units of that model per year, although cruising speed would not be reached until 2025, according to his estimates.
The fourth quarter sales figure was slightly above analysts' forecasts, but it was not enough to beat its Chinese rival, BYD Auto, a company founded in January 2003 by Wang Chuanfu, owner of the BYD group. , following the acquisition of Xi'an Qinchuan Automobile. It began producing its first plug-in hybrid electric vehicle, the BYD F3DM, in 2008, followed by its first battery electric vehicle, the BYD e6, in 2009. The company ended production of internal combustion engine cars in March 2022 to focus only on new energy vehicles. The company sells its vehicles under the main BYD brand, and also has high-end vehicles under its Denza, Yangwang and Fangchengbao brands.
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