Tesla’s Decline: End of Global EV Rule?
A remarkable event occurred in the 3rd quarter of 2023. Astonishingly, the two leading full electric vehicle constructors – Tesla and BYD – sold a practically identical quantity of cars.
Every three-month period, this post will survey the international sale stats of battery electric cars (BEVs) by three automakers – Tesla, BYD, and the Volkswagen Corporation – with the latter lagging noticeably behind the previous two.
Last quarter, Tesla once again sold the highest number of all-electric cars at 435,059. Despite the introduction of new upgrades to its factories, the year-over-year growth rate of production and sales was limited to a mere 27 percent. This figure, while still impressive, was lower than the growth rate seen in the previous quarter.
The accelerating progress of BYD has enabled them to get close to overtaking Tesla in the realm of general all-electric car sales. The Chinese business has reported a total of 431,603 battery electric vehicle sales, a mere 3,456 shy of what their American counterparts registered. This is the nearest the two organizations have ever been to one another; BYD claimed that they achieved 99.2 percent of what Tesla did in sales (not including commercial BEVs and plug-in hybrids).
Evidence suggests that Tesla could soon lose its footing in the electric vehicle sector. The relief and subsequent uptick of growth notwithstanding, will decide whether their monopoly stands or falters during the fourth quarter.
Meanwhile, the Volkswagen Group increased its electrified vehicle sales by 41 percent year-on-year to 209,394 units, significantly lower than those of Tesla and BYD. The German corporation must now take measures to defend its place among the highest sellers.
In Q3 2023, a noteworthy increase was observed in the sales of all-electric vehicles when compared to the year prior. There was a marked jump in the number of such automobiles sold during this period of time. The statistics revealed that the quantity of all-electric cars purchased had grown significantly in comparison to the preceding year. This is an encouraging sign, indicating that more people are becoming conscious of the value of environmentally-friendly transport.
Over the initial three quarters of the calendar year, Tesla managed to unload in excess of 1.3 million zero-emissions vehicles; BYD advanced further, shifting even more than one million models. At the moment, the Volkswagen Group has only sold approximately half of the amount generated by BYD, with figures standing around 500,000.
It is noteworthy to observe that BYD achieved far higher year-on-year development than the two different Original Equipment Manufacturers (OEMs), however, is not believed to approach Tesla’s level in 2023 as the discrepancy between them is excessively ample.
Sales of all-electric vehicles throughout the first three quarters of 2023 (Year-over-Year change) significantly rose compared to the prior year. It has been reported that there was a marked increase in the number of electric car sales from January to September of 2023 as compared to the same timeframe in 2022. Industry insiders attribute this growth to several contributing factors, such as improved vehicle technology, enhanced availability of charging stations, and continued government incentives. This boom in consumer trend is expected to have a substantial, long-term economic benefit.
In 2022, Tesla achieved a productivity of 1.3 million electric vehicles (an increase of 40 percent from the preceding year), BYD recorded over 900K (with a 184 percent surge) and Volkswagen Group surpassed 570K (a 26 percent boost).
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