Elon Musk started 2024 on a sour note after Tesla was toppled as the world’s best-selling electric vehicle manufacturer.
The company, where Musk is CEO, was overtaken by China’s BYD.
Tesla delivered a record 484,507 cars in the third quarter of 2023, a 20 per cent rise on this time last year.
However, it was beaten for the first time by BYD, which on Monday revealed deliveries of 526,409 for the same period.
Elon Musk's Tesla loses crown as biggest electric carmaker
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Since 2015, Tesla has been the world’s biggest electric vehicle manufacturer when sales of its high-powered cars overtook the Nissan Leaf.
China has since become the world’s biggest market for battery-powered cars and domestic giants such as BYD have invested heavily in producing affordable vehicles.
BYD has recently expanded beyond China by selling cars in the UK and Europe.
The Times reports that the company is backed by Warren Buffett’s investment vehicle, Berkshire Hathaway.
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BYD has recently expanded beyond China
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Tesla’s delivery numbers last year were only slightly higher than market expectations of around 483,200 cars.
The company sold 1.8m cars for 2023 as a whole.
This was up 38 per cent on 2022, and more than BYD’s 1.6m, but fell short of Mr Musk’s target of 2m sales.
Musk's company has been embarking on a price war to boost sales as rising interest rates increase financing costs and tighter rules around US subsidies threaten to make electric cars less affordable.
BYD, which stands for Build Your Dreams, launched sales in the UK in March
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Tesla was forced to issue an update to millions of vehicles over safety concerns related to its Autopilot software last month.
BYD, which stands for Build Your Dreams, launched sales in the UK in March and last month announced plans to open its first European plant in Hungary.
However, the firm has said entering the US is not under consideration.
Tesla remains the world’s most valuable carmaker as its shares almost doubled last year.
