Big Sales, but Losing the Crown
Tesla’s Record Sales. Tesla hit a home run with record sales in the last quarter of 2023, but guess what? They lost the top spot as the world’s biggest electric vehicle (EV) maker to Chinese giant BYD. Tesla scored with about 484,507 vehicle sales, but BYD bagged the crown by selling 526,409 EVs. Still, Tesla kept the lead in overall yearly sales, but there’s some serious competition brewing.
Facing Tough Rivals
Tesla’s facing off against not just BYD but also global automakers stepping up their EV game. Their near 20% growth is solid but a far cry from the whopping 38% earlier in the year, and way below their 50% annual growth target.
EV Fever Slows Down
It’s not just Tesla feeling the pinch; it seems like the whole EV market’s slowing down. Big names like Ford and General Motors are tapping the brakes on EV production for now, even though they’re planning to go all-in on EVs in the future.
Bright Spots and Bumps
Norway’s loving EVs more than ever, with 82% of car sales being electric in 2023. But overall car sales there took an 8% hit due to money worries, despite the EV surge.
Tesla’s Rollercoaster Ride
In Norway, Tesla’s still rocking the charts, bagging a 20% market share in 2023. But it’s not all smooth sailing. There’s a tiff between Tesla and unions in the Nordic countries, possibly causing some delivery woes for Tesla down the line.
Challenges Piling Up
Tesla’s dealing with some headaches, like dropping vehicle prices and squeezed profit margins. Plus, losing the full $7,500 federal tax credit for some of their cars isn’t helping either. There are also limits to the tax credits for certain buyers and EVs using certain materials, adding more hurdles.
Rocky Roads for Tesla
Tesla’s had its fair share of rough patches recently. A massive 2 million-car recall due to safety concerns about their Autodrive feature was a hit. Elon Musk’s controversies and Twitter turmoil haven’t helped either, although the impact on Tesla’s sales remains unclear.
Despite the bumps, Tesla’s growth is good news, says analyst Dan Ives. He thinks hitting 1.8 million vehicle sales in 2023, amidst the EV ups and downs, is a win for Tesla.
Cybertruck on the Horizon
Tesla’s Cybertruck, a long-awaited pickup, is in the mix too. Deliveries started in November, but Musk’s warning that ramping up production will take over a year is something to watch.
Tesla’s a bit behind with its electric pickup compared to Ford, GM, and newcomer Rivian. Rivian’s delivered nearly 14,000 trucks in the last quarter, up by 73% from last year, giving Tesla some catching up to do.
Stock Market Swings
Tesla’s stocks had a wild ride. They doubled in 2023 but took a hit from their peak in July. The recent sales news didn’t do much for their shares, staying steady in morning trading. They’re down 15% from their peak and ended December on a 5% dip.