Elon Musk’s Tesla has been knocked off the top spot as the world’s best-selling electric-vehicle maker for the first time by BYD after recording fewer deliveries than its Chinese rival in the past quarter, reports the Financial Times. The US group handed over 484,000 cars in the fourth quarter, more than the 473,000 anticipated by analysts but not enough to hold on to its title after BYD reported record sales of battery-only vehicles of 526,000 for the same period.
Tesla’s dethroning by BYD reflects the rise of what was a little-known Chinese group only a decade ago, which Musk himself has publicly dismissed. While growth at the Warren Buffett-backed Chinese company has been mostly achieved on its home turf, BYD is sharpening its focus on finding new foreign markets including in Europe.
Danni Hewson, head of financial analysis at AJ Bell, said BYD’s electric cars were “becoming increasingly visible on European roads thanks to keen pricing.”