Shifting Gears In The EV Race - China's BYD Surpasses Tesla In The Final Quarter of 2023
Portfolio Pulse from Zaheer Anwari
BYD surpassed Tesla in Q4 2023 EV sales with 526,000 vehicles, while Tesla led annual sales with 1.8 million despite demand decline from higher borrowing costs. Tesla's stock surged 110% in 2023 but dipped 3% in early 2024. Investors await Tesla's Q4 earnings report on January 24th, with an estimated EPS of $0.74, after a Q3 miss. Tesla's stock closed at $248.42, down 0.07% after the closing bell on January 2.
January 04, 2024 | 2:46 pm
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NEUTRAL IMPACT
Tesla's Q4 2023 EV sales were surpassed by BYD, but it led annual sales with 1.8 million vehicles. Stock surged 110% in 2023, with a slight dip of 3% in early 2024. Q4 earnings report is highly anticipated with an estimated EPS of $0.74.
While BYD's surpassing Tesla in Q4 sales could be seen as negative, Tesla's strong annual performance and significant stock surge in 2023 may mitigate short-term impact. The upcoming Q4 earnings report will be more indicative of the stock's direction, and the anticipation of this event suggests a neutral short-term impact until the actual figures are released.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100