The electric vehicle market is about to emerge with a new leader. Tesla can’t keep up with BYD’s growth rate

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BYD is expected to become first in the fourth quarter

In the third quarter of 2023, the two largest electric vehicle manufacturers—Tesla and BYD—sold almost the same number of vehicles.

Tesla again sold the most all-electric vehicles last quarter, with 435,059. The annual growth rate of production and sales was 27%.

Chinese company BYD reports 431,603 electric vehicle sales, just 3,456 less than Tesla. BYD increased sales by 99.2%.

This is a clear sign that Tesla’s dominance in the BEV segment may be coming to an end. Depending on whether the slowdown was temporary or not, Tesla will maintain or lose its leadership position in the fourth quarter.

The electric vehicle market is about to emerge with a new leader. Tesla can’t keep up with BYD’s growth rate

BYD's
BYD’s

Meanwhile, Volkswagen Group increased sales of all-electric vehicles by 41% year-on-year to 209,394 units, less than half the results of Tesla and BYD.

In the first nine months of the year, Tesla sold more than 1.3 million all-electric vehicles, while BYD sold more than a million units. Volkswagen Group sold about half of BYD’s volume, selling more than 500,000 units.

It’s worth noting that BYD significantly outpaced the other two OEMs in year-on-year growth (+80%), while Tesla saw sales grow by 46%.

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