Tesla’s sales were terrible — but they were still enough to retake the EV lead from BYD

Tesla’s sales were terrible — but they were still enough to retake the EV lead from BYD
Pls share this post

Listen to this article
Tesla Model 3
A Tesla Model 3.

  • Tesla just regained its title as the world’s top electric car maker.
  • China’s BYD said on Monday that sales plummeted to 300,000 for the first three months of 2024.
  • Elon Musk’s company sold about 390,000 vehicles in the same period — far fewer than analysts expected.

It’s been a nightmarish start to 2024 for Tesla — but the car maker finally got a sliver of good news on Tuesday.

Elon Musk‘s company reclaimed its title as the world’s top EV seller when it reported its quarterly delivery numbers on Tuesday — just three months after losing the top spot to BYD.

READ ALSO  This tiny EV is the most ridiculous 'car' I've ever driven — but it's also a blast

Tesla sold just under 390,000 EVs in the first three months of the year, falling well short of the 477,000 figure that analysts were expecting.

The disappointing figure still comfortably cleared its Chinese rival, though. BYD said on Monday it sold about 300,000 vehicles over the same period, representing a 43% decline from the last three months of 2023.

Both companies have struggled this year amid signs that drivers are souring on electric cars and instead opting for cheaper hybrids.

Before Tuesday, Tesla’s stock price was down about 30% year-to-date, in a sell-off that’s reduced its value by some $230 billion. The slide has caused some to question whether Musk’s company deserves its spot in the “Magnificent Seven” group of mega-cap tech stocks.

READ ALSO  Apple has reportedly discussed ideas including a smart ring and glasses — and putting tiny cameras on AirPods

Shares fell another 6% at the opening bell as investors reacted to the weaker-than-expected delivery numbers.

Meanwhile, BYD’s Hong Kong-listed shares have slipped 6% in 2024, dragged down by the Warren Buffett-backed company missing its annual profit targets.

Investors also worry that the company could eventually lose market share to rivals, including Xiaomi, which just launched its first EV.

Read the original article on Business Insider


Pls share this post
Previous articleTesla stock slides on big deliveries shortfall
Next articleThe 7 biggest home-staging mistakes people make when trying to sell their house