Tesla Tops 2023 EV Sales; Rivian Grows

Tesla’s 2023 EV Sales Outpace China’s BYD

Tesla managed to produce and distribute a record number of cars throughout 2023. The fourth quarter saw the company manufacture 495,000 autos and deliver over 484,000 of them, evidently caused by the year-ending promotions that have become fairly common from the US carmaker.

Altogether, automobile dispatches soared by 38% compared to the same time last year. Tesla delivered 1.81 million vehicles, and production augmented by 35%, to reach a total of 1.85 million cars. As demonstrated below in Tesla’s statistics, the Model 3 car and Model Y SUV were far and away the most popular, making up 1,739,707 of total deliveries together. Other models such as the Model S, Model X, and the Cybertruck added 68,874 units to the entire batch, but exact figures for each unit was not declared.

The Model 3 and Model Y seem to be immensely lucrative, and we anticipate these numbers will soar higher as soon as the revitalised Model 3 debuts in the opening three months of 2024.

It is clear that even though Tesla failed to hit CEO Elon Musk’s hoped-for output mark of two million vehicles, it was still a remarkable success. There is only one competing EV manufacturer that has surpassed Tesla—China’s BYD with their 3.02 million-vehicle tally. One needs to keep in mind, however, that while factoring in the amount of plug-in hybrid cars produced by BYD which is about 1.4 million, then the total EV accumulation comes to approximately 1.5 million as reported by Reuters.

Despite the predominance of Chinese automaker BYD, Tesla has found footing domestically by selling a prodigious 94,139 cars made in its Shanghai Gigafactory. Only a minor portion are available on the European market, however.

The market price of Tesla has shown remarkable stability, even with the disclosure of a critical report communicating the awareness of flawed components in its vehicles. The accumulation of this matter rapidly took the fancy of two US Senators, and the situation presently does not have any definitive answer. Furthermore, the Model 3 RWD and Long Range fail to meet the requirements for the government tax incentive of $7,500. Nevertheless, it is certain that Tesla will come up with added bargains during this year.

Tesla, on the other hand, is significantly better off than Rivian. According to InsideEVs, Tesla’s vehicle shipments experienced an increase of 73% in the closing period of 2020. A total of 17,541 were produced, and out of that, 13,972 were distributed. The primary source powering these yearly-end figures was obviously the enhancement of its production.

Altogether, Rivian manufactured 57,232 cars in 2023, demonstrating a 135% surge from the preceding year. The complete deliveries amounted to 50,122, surrendering an expansion of 147%, however, investors appeared to be dissatisfied; before the statistics were revealed, the stock cost was $23.44 (currently priced at $21.10) at the time of writing.

Rivian appears to have conquered its infancy problems, however, it is definitely needed that expanded manufacturing and distribution are done in order for the firm to witness a boost.

In view of this, Rivian is anticipated to unveil the snug R2 sometime during 2024, which should content most qualms.

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