Tesla sales jumped during the last three months of 2023 after the carmaker slashed prices and customers rushed to take advantage of tax breaks on electric vehicles — provisions that will be harder to come by in 2024.

The company said on Tuesday that it sold 484,500 cars in the fourth quarter, up from 435,000 in the third quarter and 405,000 in the fourth quarter of 2022. For the full year, Tesla sold 1.8 million vehicles. The gains put Tesla on track to sell more than two million cars in 2024, potentially overtaking established carmakers like Mercedes-Benz and Renault…

In China, the largest market for electric cars, Tesla faces intense competition from BYD and other Chinese automakers. BYD sold 526,000 fully electric cars worldwide in the fourth quarter, exceeding Tesla, a milestone that many auto analysts had been expecting given the Chinese company’s rapid growth.