Toyota Is Poised To Keep Its Automotive Crown, But BYD Is Poised To Takeover Tesla's EV Throne

Global vehicle production reached all-time high last month. According to Bloomberg, Toyota Motor (NYSE: TM) is poised to keep its title as world’s best-selling automaker, beating Volkswagen AG (OTC: VWAGY) for the fourth consecutive year. 

As for the EV front, Bloomberg estimates that BYD Company Limited (OTC: BYDDY) is on track to dethrone Tesla Inc (NASDAQ: TSLA) and become the world’s leading EV seller.

Toyota Seems Set To Keep Its Title

Steady demand across North America and Europe helped Toyota achieve record sales and production in November. In November, Toyota is set to keep its title as the world’s best-selling carmaker as its sales jumped 12% YoY to almost 1 million units. Moreover, Toyota also experienced a 17% sales rise in China to 164,524 units with a production increase of 14%.

BYD’s progress reflects a symbolic shift in a rapidly growing EV market, as well as China’s determination to lead the way in the EV era.

Last year, BYD outpaced Tesla in vehicle sales, but Tesla kept its number 1 title when it comes to all battery EVs. However, 2023 seems promising for BYD who is poised to seize the BEV crown in the last quarter of the year. Bloomberg is expecting BYD to surpass Tesla during the current quarter’s performance as Tesla disappointed with the price and range of its long-awaited Cybertruck. During its delivery event that took place on November 30th, Tesla handed over 12 of its futuristic electric pickups but it remains unclear if any official deliveries will be made this year. Tesla also reported disappointing third quarter figures, with deliveries falling from the second quarter and missing the consensus estimate.  Also, Model S and X deliveries fell and production tanked compared to the second quarter due to factory upgrades. Although sales should rebound in the current quarter, Tesla will need to pull out another record to reach its target of 1.8 million deliveries.

China Is Undoubtedly A Key Player In Global Passenger Car Exports

As of October, China shipped 1.3 million EVs out of 3.6 million total vehicles. But Tesla is not standing still. According to Bloomberg, in response to intensified competition in China, Tesla is reportedly planning a Model Y revamp at its Shanghai factory that is slated to start production in mid-2024. But this does not change the fact for the first time ever, BYD seems poised to outsell Tesla this quarter. 

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