The race for electric vehicle (EV) supremacy is heating up, with Chinese EV manufacturer BYD closing in on Tesla. Tesla’s Q3 delivery figures fell short of expectations, revealing a decline in sales. This has raised concerns about Tesla’s dominance in the EV market. On the other hand, BYD, backed by Warren Buffett’s Berkshire Hathaway, has seized this opportunity to narrow the gap and potentially overtake Tesla. BYD’s sales came within striking distance of Tesla’s, trailing by just over 3,000 units. This suggests that BYD is on the brink of surpassing its American competitor in battery EV (BEV) sales. BYD has made significant strides in China’s EV market by offering more affordable EVs and dethroning Volkswagen as China’s top-selling car brand.
Swedish electric car manufacturer Polestar Automotive has experienced a remarkable 50% year-over-year spike in vehicle deliveries during Q3. This growth was primarily driven by strong sales of the upgraded Polestar 2. The company shipped approximately 13,900 units, resulting in improved profit margins. For the first nine months of the year, Polestar achieved a year-over-year growth of 37%, delivering around 41,700 vehicles. With deliveries of the Polestar 4 set to begin in China in Q4, the company maintains an optimistic outlook, aiming to deliver between 60,000 to 70,000 vehicles in 2023. Polestar’s CEO, Thomas Ingenlath, called the quarter “strong” and expects higher margins for the rest of 2023. The company is set to release its third-quarter financial report on November 8, 2023.
Vietnamese electric vehicle manufacturer VinFast has seen its stock price plummet by 30% after the company announced that insiders would sell some of their shares in the future. This has resulted in a significant decrease in VinFast’s market cap, with the stock falling below its initial debut listing price of $22. The majority of VinFast shares are controlled by Vingroup’s chairman and VinFast’s founder, Pham Nhat Vuong, leaving only a small fraction available for external investors. This limited availability of shares contributes to increased volatility in the stock’s performance. Despite these challenges, VinFast reported a quarterly loss of half a billion dollars but disclosed the delivery of over 9,000 electric vehicles globally, generating around $315 million in sales for the quarter. The company is actively expanding its presence in North America and constructing an EV manufacturing facility in North Carolina. Shares of VinFast dropped approximately 27% during the past week.
Overall, the electric vehicle market continues to be dynamic and competitive, with BYD making strides to challenge Tesla’s dominance, Polestar experiencing impressive growth, and VinFast facing challenges in its stock performance.
