Rebecca Elliott of The Wall Street Journal tells her readers that Tesla delivered about 1.81 million vehicles worldwide in 2023, hitting its full-year target, but its growth rate slowed slightly. She writes:
Chinese automaker BYD for the first time topped Tesla as the world’s largest seller of electric vehicles on a quarterly basis, a sign of China’s emerging strength in the global market for battery-powered cars.
BYD reported selling more than 526,000 fully electric vehicles in the fourth quarter of 2023, compared with Tesla’s sales of nearly 485,000 for the same period.
Tesla remained ahead of BYD for the full year. But the Chinese rival’s ascent in the global pecking order has put new pressure on Tesla at a time when the U.S. electric-car maker is already leaning on steep price cuts to juice its sales. […]
In 2023, Tesla grew at a faster pace than the global EV market, which expanded an estimated 33%, according to GlobalData.
Tesla is scheduled to report year-end financial results on Jan. 24. Wall Street expects Tesla’s annual profit to slide roughly 26% to $9.3 billion, according to FactSet. Analysts forecast revenue will rise around 20% to $97 billion.
Read more here.
