TECH - Tesla's Chinese Japanese And South Korean EV Rivals Ended 2023 With Significant Advancements | Benzinga
In the last quarter of 2023, Tesla Inc (NASDAQ: TSLA) lost the EV sales battle to BYD Company Limited (OTC: BYDDY), which is the first quarter that BYD sold more battery EVs than Tesla. Although Tesla still sold more EVs for the whole 2023 and met its goal of 1.8 million deliveries, its Japanese and South Korean rivals are also advancing on the EV front.
South Korean Hyundai Motor Group (OTC: HYMTF) surpassed the legacy automakers General Motors (NYSE: GM) and Ford Motor (NYSE: F) in U.S. EV sales, getting right behind Tesla who still owns the U.S. EV market with 57.4%. share. Hyundai Motor Group owns Hyundai Kia, and the Genesis brands.
Japan’s Honda Motor Co Ltd (NYSE: HMC) and Nissan Motor Group Co Ltd (OTC: NSANY) also reported sale increases in 2023.
Hyundai And Kia Are No Longer Viewed As Low-End And Reliable
Hyundai sales increased 11% during 2023 as sales rose 5% during the fourth quarter with total 2023 sales exceeding 801,000 vehicles.
In 2023, Hyundai and Kia took 7.5% of the US EV market, leaving behind the GM-owned Chevrolet ...