Elon Musk faced a rough start to 2024 as Tesla lost its top spot to China’s BYD, becoming the world’s best-selling electric vehicle maker, according to a report from the Telegraph on Tuesday.

Despite Tesla reporting a record 484,507 vehicle sales in the third quarter of 2023, marking a 20% increase from the previous year, it wasn’t enough to maintain the leading position.

BYD disclosed on Monday that it had delivered 526,409 cars during the same period, surpassing Tesla’s numbers.

While Tesla held the title of the top electric vehicle manufacturer for over eight years, China’s growing prominence in the battery-powered car market has empowered local companies like BYD. These companies have invested significantly to make their electric vehicles affordable, as China emerges as the world’s largest market for such cars.

BYD, supported by Warren Buffett’s investment firm Berkshire Hathaway, has not only expanded its market within China but has also started selling cars in the UK and Europe. In total sales, BYD has now outperformed Elon Musk’s Tesla.

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