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The end of Elon Musk's supremacy may be near after Tesla's sales fall. On the other hand, Chinese company BYD surpasses Tesla's sales. Understand what is happening with the billionaire's company.
Neither government incentives nor promotions were enough, and Tesla's sales will fall in 2024. Last year, the end of Elon Musk's supremacy came with a significant drop in electric car sales compared to the previous year. Meanwhile, BYD surpasses Tesla's sales, not only growing, but becoming the largest electric carmaker in the world.
Understand why Tesla sales fell
The results of the end of Elon Musk's supremacy are linked to a portfolio of companies and competition between them, but also to government incentives for production. In its 2024 earnings report, Tesla reported sales of 1,79 million electric cars, slightly less than the 1,8 million in 2023.
According to Gizmodo, BYD is outselling Tesla, which is seeing its first drop in sales in over a decade. And despite the boost in the final stretch of the year, with more than 495 vehicles sold between October and December, the year's numbers were below analysts' estimates.
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The end of Elon Musk's supremacy is even more present for a few reasons. The first is that two of Tesla's top-selling models, the Model T crossover and the Model 3 sedan, are relatively old and are falling behind. In this way, the company bet on the Cybertruck.
However, it didn't work out. Tesla's sales are falling and the electric pickup truck generated a buzz in 2024, but in practice, it shipped less than 50 units. To make matters worse, demand is leveling off or declining.
BYD surpasses Tesla's sales and could spell the end of Elon Musk's supremacy
Another issue is that, although Tesla's results were not much lower than expected, CEO Elon Musk projected a slight growth last year, which would reach 30% this year.go that did not happen. Another factor intensifies the problem.
Tesla's sales are expected to fall in 2024, when the automaker took advantage of the Biden administration's government incentives for electric vehicles to offer special deals and conditions and boost sales. Under Donald Trump's administration, those incentives are expected to cease.
The biggest complication in this scenario, however, is competition. More specifically, competition from BYD. Tesla did not have a good year in 2024. On the other hand, BYD is outselling Tesla. The Chinese company took advantage of the demand and became the largest electric automaker in the world, with almost 1,8 million units produced.
Understand the sales differences between automakers
The automakers' numbers may seem close, however, in the thousands, BYD outsells Tesla by 4.500 more. To give you an idea, in 2023, the scenario was the opposite. Tesla sold 1,85 million electric cars, while the Chinese company was behind with 1,6 million.
As mentioned above, Elon Musk's supremacy is coming to an end due to an old vehicle line, as new models have failed to take off in sales. In comparison, BYD has continued to innovate and expand into new markets.
In Brazil, the Chinese company achieved record growth, with 76.713 cars registered. over the course of a year, an impressive increase of 327,68% compared to 2023. This performance consolidated the brand as a leader in the electrified market in the country, highlighting Brazil as its largest international market.
I want this job
I would never buy anything made by that Nazi ****... I hope I end up in poverty