Warren Buffet-backed BYD closing in on Tesla EV sales By Investing.com

US stocks stumble as tech takes breather ahead of key jobs report

Warren Buffet-backed BYD closing in on Tesla EV sales

Published Oct 04, 2023 06:50

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Warren Buffet-backed BYD closing in on Tesla EV sales

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Tesla's (NASDAQ:TSLA) underwhelming third-quarter delivery figures have opened a door for its nearest competitor, BYD (OTC:BYDDY) (SZ:002594), the Chinese electric vehicle juggernaut backed by Warren Buffett's Berkshire Hathaway (NYSE:BRKa), to potentially claim the top spot in the electric car market rankings.

Last quarter, Tesla managed to sell 435,000 electric vehicles, while BYD achieved sales of 431,000 battery-powered electric cars during the same period. This narrow margin of just over 3,000 units separates the two companies.

This slight disparity suggests that BYD may be on the cusp of surpassing its American-based rival in the realm of battery electric vehicle (BEV) sales—an impressive feat for a company that Tesla CEO Elon Musk once dismissed as a joke more than a decade ago.

Tesla’s third-quarter sales declined by 6.7% compared to the previous quarter, marking its first quarterly decline since early 2020. Furthermore, the company is grappling with sluggish demand, prompting it to initiate fierce price battles in both the Chinese and American markets.

Meanwhile, BYD has made substantial strides in China's electric vehicle market by offering more budget-friendly electric vehicles, displacing Volkswagen (ETR:VOWG_p) as the leading car brand in China in terms of sales.

Shares of TSLA are down 2.11% near end of day trading on Tuesday.

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