In 2023, Tesla and BYD were the world’s two largest electric vehicle EV companies by a large margin, holding 19.9% and 17.1% market shares respectively. With no other company able to match their scale, these two automakers have found themselves locked in a competition for the global EV crown. In Q4 2023, BYD outsold Tesla for the first time ever by 41,000 vehicles 526,000 vs 485,000. In Q1 2024, however, their positions were switched after Tesla outsold BYD by 87,000 vehicles 387,000 vs 300,000.
Looking to the future, Tesla’s next factory will be Gigafactory Mexico, which was announced with few details in March 2023. According to reporting by Electrek, the Mexican government is eager for the factory to begin construction, despite CEO Elon Musk voicing concerns about today’s high-interest rate environment. BYD’s EV Factories Although EV demand is not growing as quickly as it was in previous years, BYD is putting the pedal to the floor when it comes to global expansion.
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