Can Tesla Stay Ahead of the EV Competition?

No other electric car manufacturer came close to Tesla’s sales in 2023. However, with the market filling up with more and more EVs, can Tesla still keep their number-one spot in 2024? Or, is it time for someone else to take over the EV market?

According to Tesla, the company made a whopping 1,808,581 deliveries in 2023. This number puts Tesla at a 38% growth rate. The company proudly says that they've reached their production goal for 2023 with a fourth-quarter output of nearly 500,000 units total.

While Tesla didn't have a competitor in 2023, BYD looks like it may give the company a run for its money in 2024. BYD sold ​​3.02 million cars last year and boasted a 62% year over year. Another company that may reach Tesla's success is Rivian. They delivered 13,972 cars last year, but are 10% down from the third quarter of last year. Rivian had 57,232 units produced in 2023 and is showing promise for the coming year.