Tesla lost to BYD in 2023: find out more

Tesla Inc (NASDAQ: TSLA) is down 1.0% on Tuesday even though it reported a 38% annualised growth in its yearly deliveries.

Tesla expects rapid growth in 2024

The electric vehicles behemoth delivered 484,507 vehicles in its year-end quarter that pushed the total annual deliveries to just over 1.8 million.

Consensus was for Tesla to deliver 477,000 vehicles in its Q4. The Nasdaq-listed firm produced 494,989 vehicles in the fourth quarter and 1,845,985 in the full year – up 35% versus 2022.

Elon Musk – the Chief Executive of Tesla Inc expects deliveries to “grow very rapidly, much faster than any other car company on Earth” in 2024.

The EV giant is yet to report production and delivery numbers for its Cybertruck. Shares of Tesla Inc are currently up 40% versus its low in early 2023.  

Why is Tesla stock down on Tuesday?

$TSLA is slightly down today because the Austin-headquartered firm lost to its China-based competitor BYD Company Limited in terms of deliveries in 2023.

A day earlier, the electric vehicles company based out of Shenzhen said it delivered a whopping 3.02 million vehicles in the recent year as Invezz reported here. It is worth mentioning here, though, that its vehicles include not just the battery-electric units but hybrids as well.

Note that Berkshire Hathaway – the multinational conglomerate of legendary investor Warren Buffett last year lauded BYD for being “so much ahead of Tesla in China”.

EV names including Xpeng, Nio, and Li Auto also reported their delivery numbers on Tuesday.