BYD surpasses Tesla in Q4 EV sales

The news: The Warren Buffet-backed electric car maker BYD surpassed Tesla in vehicle sales for the fourth quarter of 2023, despite a record performance for Elon Musk's group for the year overall.

The numbers: Reuters reported that the China-based BYD delivered 526,409 vehicles in the October to December quarter, more than Tesla's 494,989. However Tesla was the top electric vehicle manufacturer in 2023 with deliveries of 1.8 million vehicles, compared to BYD's 1.57 million.

The context: Tesla's fourth-quarter deliveries could have been helped by offers such as six months of free charging. The US automaker faces stiff competition from Chinese manufacturers such as BYD, which have lower production costs. Susannah Streeter of UK investment group Hargreaves Lansdown said BYD was slashing the price of its cars to bolster market share and recognition.