In a remarkable turn of events, Tesla CEO Elon Musk is set to receive some much-needed good news as the company prepares to regain its position as the world’s leading electric car maker. This comes after China’s BYD reported a staggering 40% drop in sales for the first quarter of 2024.
Tesla is expected to reveal its quarterly delivery numbers on Wednesday, following a challenging start to the year. Despite facing stiff competition from BYD and other electric vehicle manufacturers, analysts anticipate that Tesla will surpass BYD in terms of electric vehicle sales, just three months after losing the top spot. By selling about 300,000 EVs in the first quarter of 2024, BYD suffered a significant decline in sales, while Tesla is projected to report deliveries of 458,500 vehicles for the same period – a mere 5% decrease from the previous quarter but enough to secure its position as the top EV seller.
Both Tesla and BYD have faced challenges this year, with indications that consumers are shifting towards cheaper hybrid cars instead of electric vehicles. Tesla’s stock price has dropped by about 30% in 2024, losing $230 billion in value. This has prompted questions about Tesla’s place among the top tech stocks. Meanwhile, BYD’s shares have also declined this year due to missing profit targets and concerns about losing market share to competitors like Xiaomi, which recently entered the EV market. Despite these setbacks, Tesla is poised to make a comeback and reaffirm its dominance in the electric car industry.
