The Telegraph reported Tuesday that China’s BYD has surpassed Tesla as the world’s top seller of electric vehicles.
Musk’s company, Tesla, said it sold a record 484,507 cars in the third quarter of 2023, which is 20% more than the same time last year.
It wasn’t enough to stay on top, though.
BYD said on Monday that it had delivered 526,409 cars during the same time period.
Before it passed Nissan Leaf in 2015, the American car company made more EVs than any other company for more than eight years.
But as China grows into the world’s biggest market for battery-powered cars, big Chinese companies like BYD have spent a lot of money to make sure their cars are cheap.
The Chinese automaker has promised to “demolish” its Western competitors. They are now selling cars in the UK and Europe as well as in their home country.
BYD, which is backed by Warren Buffett’s finance firm Berkshire Hathaway, has also sold more cars than Musk’s Tesla.