2022 Out With a Bang as BYD Takes Top EV Spot from Tesla!
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BYD Takes Top EV Spot from Tesla

BYD beats Tesla in 2022 EV sales, as the world’s No 1 electric car seller vindicated Warren Buffett’s bet

Hot on the heels of news that Tesla missed its Q4 delivery goals comes more bad news for fans: Tesla isn’t #1 anymore. BYD is.

Warren Buffet-backed Chinese EV brand BYD just reported record December sales – 235,197 units in December, alone – finishing off 2022 with 1.83 million global EV deliveries, beating Tesla’s 1.31 million deliveries figure by more than half a million units. (!)

Tesla missed Wall Street estimates and claims from Tesla CEO, Elon Musk, earlier this year that the company could hit 60% growth in deliveries over 2021. By July, that number had been walked back to 50%, before the brand ended with “just” 40% growth. And that, it’s worth noting, was despite bringing back free charging and slashing prices in key markets like the US and China.

BYD, meanwhile, continues to take advantage of Tesla’s “highest in the industry” profit margins, offering customers less expensive electric vehicle options that are, otherwise, direct Tesla model competitors when it comes to specs and quality (and, if you don’t believe that, remember who builds Tesla’s “blade-style” batteries).

TSLA shares have sunk nearly 54% over the last six months, and more than 70% in the last 12. Despite that, share prices still managed to plummet a further 12.46% Tuesday, closing around $108, in what some are calling a “signaling” that even 40% YOY growth numbers won’t be enough to ease investor concerns.

It remains to be seen whether or not Tesla will be able to “bounce back” and take the fight back to BYD and NIO, especially as the company faces uncertainty around its leadership and the challenge of high-quality, mainstream offerings from Ford and Chevrolet. In the US, at least, Tesla seems to have a handle on BYD, but that company has a factory in California and is expanding its presence in South America, as well, so it could just be a matter of time.

2023 BYD Seal EV

SOURCES: NOTEBOOK CHECK, REUTERS, TECHCRUNCH.

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AUTHOR: 

EV INSIDER

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