Traditional automakers are worried about the problems that could arise in the electric car market, but customers are sticking with EV-focused companies like Rivian and Tesla. Tesla, based in California, sold the most BEVs last year, sending nearly 1.8 million cars to customers around the world. Even so, Build Your Dreams (BYD), a Chinese carmaker, sold more than 3 million BEV and PHEV cars in 2023, making it the biggest seller of electric cars. Manufacturers of regular cars have been warning about the sales of electric cars for a few months now. This has caused production cuts and later delivery dates in the US. EV companies, on the other hand, like Tesla and Rivian, are sticking with electric vehicles in all areas. Startup companies’ sales numbers at the end of the year show a wide range of results. For companies like China’s BYD, Tesla, and Rivian, 2023 was a good year, but it also showed others what was wrong. But Tesla won when it came to selling battery-electric cars around the world in 2023. Tesla only sold real battery-electric cars, and by 2023, the company had grown a lot. Tesla did something very different for the company: it released all of its world sales numbers for 2023, which showed a total of 1,808,581 deliveries. It needed to be made clear how many of each version were sold, but a huge 1.74 million of these units were either Variant 3 or Model Y. This means that Tesla is growing at a rate of 38% per year, but the company says that its revenue has gone up 35% since 2022. According to Tesla, it met its production goals for 2023 by making about 500,000 cars in the fourth quarter. The Chinese carmaker BYD also did better than expected. In 2023, they sold 3.02 million cars, including 1.6 million battery-electric cars and 1.4 million plug-in hybrid electric cars. This is a 62 percent rise from the previous year for the automaker based in Shenzen. This makes the 21-year-old company the biggest supplier of electric vehicles in the world. The sales of BYD’s lineup are spread out more widely than Tesla’s. In December, BYD’s best-selling car was the Song small hatchback, which was mostly sold as a plug-in hybrid. People also liked the small BYD Seagull EV and BYD Yuan. In December, they sold 50,525 and 41,681 units, respectively. Tesla’s prices and tax breaks are going to change In the United States, Tesla and BYD fight in an unfair market. Also, new rules in the Inflation Reduction Act this year are expected to make some Tesla Model 3 units more expensive. Tesla’s rear-wheel-drive and long-range models can only meet the new battery sourcing guidelines if they use Chinese parts. Reuters says that the $7500 tax credit will not be available for Tesla’s new Cybertruck either. The model doesn’t meet the current standards of the US Department of the Treasury, but Tesla’s website says that the all-electric truck will probably be able to get the tax credit. However, pickup trucks made in the United States will have another chance to get tax breaks in 2024. This year, Rivian’s 2024 models with two motors can get $3750 in points, but not the full $7500. Rivian only sent some 14,430 units they had planned for the fourth quarter, so it might be hard to get one on time. Hi Rivian, How are things going? Rivian sent 13,972 cars, which is about 500 less than what was asked for. Even though Rivian’s general growth is positive, this is a 10% drop from the third quarter of the previous year. Rivian made 57,232 units in 2023, more than the 54,000 units it had planned to make that year. Rivian plans to grow, but not as quickly as Tesla and BYD. It has a plant in Illinois that can make 150,000 units, and it just released a long-range version of the R1S and R1T with two motors. The Irvine, California-based company thinks that the single-motor cars that cost less than $80,000 will make up more than half of its sales next year. BYD is a small player in the US market, but it’s important to keep an eye on it because it’s quickly becoming a world leader in electric vehicles (EVs) and is becoming more important in Europe. For now, Tesla will continue to sell more electric vehicles (EVs) than any other company, both in the United States and other countries. This is especially true if other companies like Ford and General Motors cut back on EV production.
