Shares of Tesla Inc. are poised to see a third consecutive decline as delivery data reveals that China-based auto giant BYD Co. is gaining the upper hand in the electric-vehicle game.
BYD reported that it sold an impressive 190,754 battery electric vehicles in December, marking a remarkable 70.4% increase compared to the same period last year. This follows the 170,150 EVs sold in November and the 165,505 EVs delivered in October, bringing BYD’s total EV sales to an impressive 526,409 for the fourth quarter.
Although Tesla has not yet released its fourth-quarter delivery figures, the FactSet consensus suggests that it will fall short of 500,000 at 473,000 units.
Following a 5% decline in the final two days of 2023, Tesla’s stock lost another 1.2% in premarket trading on Tuesday, signaling a three-week low upon opening. On the other hand, BYD’s U.S.-listed shares remain untraded.
During the third quarter, BYD sold 431,738 EVs, surpassing Tesla’s delivery figure of 435,059 vehicles.
For the entire year of 2023, BYD successfully delivered an impressive 1.575 million EVs, while the FactSet consensus for Tesla’s 2023 deliveries stands at 1.797 million EVs.
In terms of stock performance, Tesla experienced an astounding 101.7% surge in value during 2023, while BYD’s U.S.-listed shares gained a respectable 11.3%. Comparatively, the iShares MSCI China ETF experienced a decline of 14.2% in 2023, while the S&P 500 index advanced by 24.2%.