After missing production expectations, Tesla's dominance in the EV market is facing a new challenge.
, falling short of Wall Street expectations. The electric vehicle leader reported 435,000 deliveries, compared to Street expectations of 455,000, producing slightly more than 430,000 vehicles for the quarter.
The nearly 7% quarterly decline, Tesla said in a statement, resulted from expected factory downtime due to necessary factory upgrades; the company is still targeting a volume of 1.8 million vehicles for the year.surged, delivering a total of 431,603 fully-electric EVs in the third quarter, just a few thousand units away from snatching Tesla's EV crown.
BYD, famously backed by Warren Buffett, has been amping up its overseas operations for years. The car-and-battery giant sold more than 1.85 million plug-in electric cars globally in 2022. Nearly 950,000 of these were fully electric EVs, not far behind Tesla's 1.3 million 2022 deliveries. A decade ago, Musk laughed out loud when asked if he views BYD as a legitimate competitor to Tesla's operation. In the 10 years since, Musk has changed his tune from one of derision to one of respect, saying in May:"That was many years ago. Their cars are highly competitive these days.
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