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Tesla is getting beat by China’s BYD on EV sales

Shares of Tesla Inc. are set to start 2024 with a third straight decline, after delivery data showed that China-based auto giant BYD Co. is beating Tesla in the electric-vehicle game.

BYD BYDDY, +0.38% 002594, -2.73% said over the long weekend that it sold 190,754 battery electric vehicles in December, up 70.4% from the same period a year ago.

Including the 170,150 EVs sold in November and the 165,505 EVs delivered in October, BYD sold 526,409 EVs during the fourth quarter.

Tesla has not yet reported fourth-quarter deliveries, but the FactSet consensus is well below 500,000 at 473,000.

Tesla’s stock TSLA, -1.86% lost 1.2% in premarket trading Tuesday, after falling 5% over the last two days of 2023. The stock has on track to open at a three-week low. BYD’s U.S.-listed shares were still untraded.

In the third quarter, BYD had sold 431,738 EVs while Tesla delivered 435,059.

And for 2023, BYD delivered 1.575 million EVs, while the FactSet consensus for Tesla’s 2023 deliveries is 1.797 million EVs.

Tesla’s stock had soared 101.7% in 2023, while BYD’s U.S.-listed shares gained 11.3%. In comparison, the iShares MSCI China ETF MCHI dropped 14.2% in 2023 while the S&P 500 index SPX advanced 24.2%.

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