Elon Musk faces backlash as Tesla loses its crown

Musk's Tesla sold a record 484,507 vehicles in the third quarter of 2023, but it wasn't enough to stay at the top

Elon Musk suffered a major setback on Tuesday (not a good way to start the new year) when his company Tesla was overtaken by China's BYD as the world's best-selling electric vehicle maker.

According to the Telegraph, Musk's Tesla said it sold a record 484,507 vehicles in the third quarter of 2023, an increase of 20% year-on-year.

But that wasn't enough to stay on top.

BYD revealed on Monday that it delivered 526,409 vehicles during the same period.

The American automaker has been the leading electric vehicle maker for more than eight years, overtaking the Nissan Leaf in 2015.

But as China becomes the world's largest market for battery-powered cars, local giants such as BYD have invested huge capital to ensure their vehicles are affordable.

The Chinese automaker, which has vowed to "demolish" its Western counterparts, has also begun expanding outside its country, selling cars in the UK and Europe.

Berkshire Hathaway-backed BYD, Warren Buffett's investment vehicle, also overtook Musk's Tesla in total sales.