A Chinese Communist Party (CCP)-tied electric vehicle maker dethroned Tesla as the worldwide industry leader in the last quarter of 2023, according to stock exchange filings.
BYD and Tesla both posted record sales for battery electric vehicles in the final quarter, according to the filings. BYD sold 526,409 vehicles in the quarter while Tesla sold 484,507, with the Chinese company achieving its highest-ever car sales in 2023, according to The Wall Street Journal.
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About 4,000 auto dealers from all 50 states have signed a letter to President Joe Biden saying electric vehicles are “stacking up on our lots” as the demand for electric cars has “stalled.”
“BEVs [battery electric vehicles] are stacking up on our lots,” the auto dealers stated in the letter. “Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships – even with deep price cuts, manufacturer incentives, and generous government incentives.”
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