Elon Musk’s Tesla set to regain world biggest electric vehicle maker spot

Elon Musk’s Tesla set to regain world biggest electric vehicle maker spot

 

Tesla looks set to regain its title as the world’s top electric car maker as his auto company Tesla will reveal its quarterly delivery numbers on Wednesday April 03.

This is expected with China’s BYD reporting on Monday that sales plummeted more than 40 per cent for the first three months of 2024.

Analysts expect Elon Musk’s firm to reclaim the title just three months after losing the top spot to BYD, multiple reports including Yahoo Autos and Business Insider Africa show.

The Chinese company said in a Shenzhen Stock Exchange filing on Monday that it sold about 300,000 EVs in the first three months of 2024.

That is 43 per cent decline compared with the final three months of last year for BYD.

Tesla is expected to report the delivery of 458,500 vehicles in the quarter ending March 31, according to a poll of analysts by Visible Alpha.

That would represent a five per cent drop from the final quarter of 2023, but will still be enough to put the Texas-based firm clear of BYD once again.

Both companies have struggled this year amid signs that drivers are souring on electric cars and instead choosing to opt for cheaper hybrids.

Tesla’s stock price is down about 30 per cent this year in a sell-off that’s reduced its value by some $230 billion.

The slide has caused some to question whether Musk’s company deserves its spot in the “Magnificent Seven” group of mega-cap tech stocks.

BYD’s Hong Kong-listed shares have slipped six per cent in 2024, dragged down by the Warren Buffett-backed company missing its annual profit targets.

Investors are also worried that the company could eventually lose market share to rivals including Xiaomi, which just launched its first EV.