BYD Surpasses Tesla in BEV Market Sales in Q4 2024
BYD, a Chinese electric vehicle manufacturer, has once again surpassed Tesla in the battery electric vehicle (BEV) market sales in the fourth quarter of 2024. This marks the second time BYD has overtaken Tesla in BEV sales, following the fourth quarter of 2023.
In the latest quarter, BYD reported selling a total of 595,413 passenger BEVs, representing a significant 13.11% increase year-on-year and a notable 34.28% increase from the previous quarter. This surge in sales has solidified BYD’s position as a formidable competitor in the global electric vehicle market.
On the other hand, Tesla, the US-based electric vehicle giant, delivered a total of 495,570 vehicles in the fourth quarter of 2024. While this figure represents a modest 2.28% increase from the same period in 2023, it fell short of Wall Street’s expectations, which had anticipated 512,277 units. The majority of Tesla’s deliveries comprised the Model 3 sedan and Model Y crossover, totaling 471,930 units, with the remaining 23,640 units coming from other vehicle models.
Despite setting a new record for global deliveries in the fourth quarter, Tesla experienced a rare decline in full-year 2024 deliveries, with a total of 1,789,226 vehicles delivered globally. This figure marked a 1.07% decrease from the previous year, signaling a challenging year for the EV manufacturer.
BYD’s success in the BEV market can be attributed to its strong performance in its home market of China. The company sold 1,513,969 passenger new energy vehicles (NEVs), including BEVs and plug-in hybrid electric vehicles (PHEVs), in the fourth quarter of 2024. Additionally, BYD’s total NEV sales for the full year amounted to 1,764,992 units, closely rivaling Tesla’s annual sales figures.
While China remains a key market for Tesla, with a significant portion of its deliveries coming from the country, the company faces stiff competition from local manufacturers like BYD. Tesla’s financial results for the fourth quarter of 2024 are eagerly awaited, with the company set to report its performance on January 29.
In conclusion, BYD’s impressive sales performance in the BEV market underscores the growing competitiveness of Chinese electric vehicle manufacturers on the global stage. As the electric vehicle industry continues to evolve, it will be interesting to see how established players like Tesla adapt to the changing landscape and emerging competition.
