Skip to content

BYD stock price prediction after selling more EVs than Tesla in Q4

BYD stock price prediction after selling more EVs than Tesla in Q4

Tesla (NASDAQ: TSLA) logged impressive figures in 2023 both in terms of electric vehicle (EV) production and deliveries – 1,845,985 and 1,808,581, respectively – and beat analyst expectations for the fourth quarter, having delivered 484,507 vehicles.

Despite the significant increase compared to previous years, China’s BYD (SHE: 002594) has, nonetheless, overtaken Elon Musk’s electric vehicle company in Q4, selling 526,409 cars in the three-month period. 

Still, while BYD has been gaining on Tesla since at least the middle of 2023, the American manufacturer’s figures for the entire year still came in higher than for the Chinese company.

It is notable that both companies logged significant growth compared to the previous year despite a broader slowdown in the EV market that saw multiple smaller players in the industry, such as Nio (NYSE: NIO) and Lucid (NASDAQ: LCID), struggle significantly.

BYD and Tesla’s challenges and successes

Additionally, while Tesla successfully navigated the challenges of 2023, it did so, in part, by slashing prices to offset the slowdown in demand. 

It also entered 2024 in the midst of a dispute with unions in the Nordic countries – particularly in Norway and Sweden – which could have significant implications given that Norway is the leading country when it comes to electric vehicle adoption and has, so far, mostly been buying Teslas.

Still, Tesla is well-positioned to continue expanding its production and sales in 2024 as it has a new lower-cost model in the works, is negotiating favorable import terms with India, and is preparing to build a new plant there.

On the other side, unlike Tesla, BYD offers hybrids in addition to electric vehicles, which has given a significant boost when it comes to deliveries, given that they have proven somewhat more popular than pure EVs in 2023.

BYD reacts to delivery record

Perhaps surprisingly, both American and Chinese investors appear either unphased or cautious despite record deliveries. 

BYD stock has been trading almost entirely sideways in the previous days despite publishing strong delivery figures and is worth 193.17 CNY ($27.20) at the time of publication, having risen 0.30% in the last 24 hours.

BYD 5-day price chart. Source: Google

Despite the current market stagnation, and in line with production and delivery success, the analyst consensus is that the Chinese EV maker’s stock is a strong buy with a 12-month price target of 331.71 CNY ($46.71) – an upside of 71.72% compared to the current value.

BYD analyst rating and 12-month price target. Source: TradingView

TSLA loses some ground despite strong Q4 figures

The story is much the same for TSLA when it comes to stock market performance. Its hares have remained mostly level – albeit with a slight decline – both in the last 24 hours and the last week. 

Elon Musk’s EV maker’s stock has dropped 0.02% on the last trading day to $248.42 and is 2.37% in red in the last week.

TSLA 1-month price chart. Source: Finbold

Experts remain optimistic despite the struggles in the EV industry that have seen traditional car companies like Ford (NYSE: F) scale down their production, and the forecasts, particularly for Tesla, are rather bullish, with some estimating the company will reach $1 trillion in market cap by the end of 2024.

Buy stocks now with Interactive Brokers – the most advanced investment platform

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts