Tesla, Inc. Cedes Top Global EV Spot to China’s BYD... Shares Fall for Seventh Consecutive Session

[The Financial News]

Tesla, Inc. has been overtaken by Chinese automaker BYD as the world’s leading electric vehicle manufacturer.
On the 2nd (local time), Tesla, Inc. reported deliveries of 418,227 units in the fourth quarter of last year, and 1.64 million units for the entire year. BYD, on the other hand, shipped 2.26 million electric vehicles last year, nearly 38% more than Tesla, Inc.
While analysts noted that little had fundamentally changed, investors appeared to be rattled by the temporary shock.
Initially, the stock price rose 1.9% from the previous session to $458.33, but soon reversed course and declined. By the afternoon, losses had widened to over 2%.
The downward trend, which began after peaking on the 22nd of last month, accelerated further. Shares have now fallen for seven consecutive trading days.

On December 29, Tesla, Inc. posted a survey of sales estimates from 20 major securities firms on its website.
According to analysts’ forecasts compiled by Tesla, Inc., fourth-quarter deliveries were expected to reach 422,850 units, a 15% decrease year-on-year.
However, the actual number announced on the 2nd was even lower at 418,227 units, about 16% less than a year earlier.
Total deliveries for last year were 1.64 million units, 8.6% less than the 1.79 million projected for 2024.

According to Consumer News and Business Channel (CNBC), Tesla, Inc. is engaged in fierce competition in the electric vehicle market with China’s BYD, South Korea’s Hyundai Motor Group, and Germany’s Volkswagen.
Last year, BYD surpassed Tesla, Inc. to become the world’s top electric vehicle maker. While BYD had previously outperformed Tesla, Inc. in quarterly sales, this is the first time it has led in annual sales.
On the 1st, BYD announced in a statement that its electric vehicle sales last year surged 28% year-on-year to 2.26 million units.

Nevertheless, Tesla, Inc. managed to ease some concerns as its energy business segment experienced rapid growth.
Tesla, Inc. reported that it deployed (installed) 14.2 GWh of battery energy storage products in the fourth quarter of last year. This figure far exceeded the previous quarter’s 12.5 GWh, setting a new record.
Tesla, Inc.’s battery energy storage systems include backup batteries for homes, as well as backup batteries for data centers and utilities.
Tesla, Inc. also plans to complete a pilot robotaxi service and begin commercialization in the first half of this year, as well as unveil an improved Humanoid Robot.
Among Wall Street analysts, optimists emphasize that Tesla, Inc. is not just an electric vehicle company, but a firm focused on robotaxis and Humanoid Robots based on Artificial Intelligence (AI).


dympna@fnnews.com Song Kyung-jae Reporter