Chinese electric-vehicle growth continued in December, with BYD set to take the crown of largest seller from Tesla for the second time. Growth alone, however, wasn’t enough to give all the Chinese EV stocks a boost.

Thus, to keep its crown as the world's top seller of electric cars, Tesla needs to deliver over 400,000 cars in the final quarter to keep ahead of BYD. The U.S. carmaker sold a record 1.81 million vehicles in 2023, and it is expected to reveal its fourth-quarter deliveries for 2024 later this week.

Tesla reported the first full-year drop in sales in its history as a public company Thursday, as increased competition and slowing demand for electric vehicles hit its results.