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Tesla Inc delivered more vehicles than expected in the fourth quarter as the Elon Musk-led company dropped behind China’s BYD Co in global electric-car sales.
Tesla handed over 484,507 vehicles in the last three months, beating analysts’ average estimate for 483,173 deliveries. BYD sold 526,409 fully electric vehicles in the quarter to become the new No 1 in EVs, driven mainly by its much broader lineup of cheaper models in China.
While Austin-based Tesla exceeded its target to deliver 1.8 million vehicles for the year, the carmaker came up well short of an upside scenario Musk touted 12 months ago. After the chief executive officer told analysts the company had the potential to produce 2 million cars, a series of price cuts failed to stoke enough demand to support that much output.
Tesla shares rose about 1% before the start of regular trading in New York. The stock soared 102% last year, rebounding from a record loss in 2022 linked to Musk’s takeover of Twitter, the social media company now known as X. The change in EV sales rankings reflects China’s growing clout in the global automotive industry.