The daily business briefing: January 3, 2024

Tesla reports record quarterly EV deliveries, Maersk halts Red Sea shipping after attack on ship, and more

A Tesla store in Colma, California
A Tesla store in Colma, California
(Image credit: David Paul Morris / Bloomberg via Getty Images)

1. Tesla sets a quarterly record for EV sales

Tesla delivered a record 484,507 vehicles in the fourth quarter of 2023, exceeding anaylsts' expectations of 475,000 to 480,000. The production brought the U.S. electric vehicle maker's total for the year to more than 1.8 million vehicles. That was enough for Tesla to remain the world's No. 1 EV maker for the year, but China's BYD sold 526,409 fully electric vehicles to beat Tesla in quarterly EV sales for the first time thanks to its broader lineup of cheaper models in China. A year ago, Tesla CEO Elon Musk told analysts Tesla might produce two million cars in 2023, but price cuts failed to boost demand enough for the company to hit that target. Electrek, The Detroit News

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.