Chinese electric vehicle maker BJD overtook Tesla in sales in the final three months of last year, but the US company maintained its lead throughout the year, data show.

BJD announced on Monday that it sold 526.000 electric vehicles in the last three months of 2023.

Tesla announced yesterday that it delivered 484.500 electric vehicles in the period from October to December, 20 percent more than in the same period of the previous year. In all of 2023, they delivered 1,81 million vehicles, 38 percent more than in 2022.

BJD, on the other hand, states that last year it sold almost 1,6 million electric vehicles. When hybrid models are added, the figure exceeds three million. At the initial stage they only produced rechargeable batteries for mobile phones, laptops and other electronic devices.

Analysts believe that BJD's success rests precisely on its original work with batteries, which are among the most expensive parts of electric vehicles, and in-house production significantly reduces costs.

Thanks to lower battery costs, the Chinese company significantly reduced the prices of electric cars at the end of last year, and its sales jumped by 70 percent in December alone. On the other hand, Tesla has warned that it expects weaker demand this year due to higher borrowing costs, reports the BBC.

"The realignment of BJD in the fast lane is a new proof of the fierce competition in the market of electric vehicles. It will be difficult for Tesla to get back to the front of the pack," said Hargreaves analyst Susanna Streeter.