Tesla is no longer the world's leader in EV production

The Street

TheStreet's J.D. Durkin brings you the biggest news of the day, including how the market fared and why Tesla is taking a backseat to a Chinese competitor.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange.

00:03 Stocks were mixed to close out today's session.

00:05 The Dow closed up 26 points.

00:07 The Nasdaq closed down 1.6 percent while the S&P 500 closed five-tenths of a percent lower.

00:13 Stocks are off to a bit of a slow start this year as investors react to a rebound in interest

00:18 rates and of course a big Apple downgrade.

00:21 While this week is light in terms of economic data, investors are looking ahead to the December

00:25 jobs report Friday for a better idea of the state of the U.S. labor market.

00:30 In other news, despite hitting its full-year delivery target, Tesla has been dethroned

00:35 as the world's largest electric vehicle maker.

00:38 The company reported 485,000 sales in the fourth quarter of 2023, but that fell short

00:44 of China's BYD, which sold 526,000 cars.

00:49 Tesla remained ahead for full-year sales, selling 1.81 million EVs compared to BYD's

00:55 1.6 million.

00:56 However, the gap is certainly closing.

00:59 Tesla saw a 38 percent year-over-year increase, but BYD's sales jumped more than 70 percent

01:05 from 2022.

01:07 Despite the competition, Tesla's share of the Chinese EV market remains steady.

01:11 The Elon Musk-led company owned about 12 percent of the market in the first 11 months of 2023,

01:18 up one percent from that same period the year before.

01:21 Wall Street anticipates Tesla selling even more vehicles in 2024, with the expectation

01:26 of about 2.1 million electric vehicles being sold in the new year.

01:31 Tesla will report its 2023 fourth quarter results on January 24th.

01:36 That'll do it for your daily briefing.

01:38 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:41 [BLANK_AUDIO]

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