Sign Up to Our Newsletter Get daily business news from the region delivered straight to your inbox I agree to the terms and conditions SIGN UP Y in 2020 and it became the world’s best-selling car in 2023. The ageing model lost some sales momentum last year, hurt by competition from local rivals in China, while in other markets demand for electric vehicles has weakened. Tesla was the largest maker of battery electric cars in China in 2020 but Chinese EV rivals have increasingly made inroads, winning over customers with snazzy smart car features. The US automaker’s market share in China’s battery electric vehicle market slipped to 10.4 per cent last year, down from 11.7 per cent in 2023. BYD is currently China’s biggest seller of EVs while consumer electronics maker Xiaomi stormed the electric car market last year, delivering more than 130,000 of its first model