BYD First Quarter 2024 EV Sales Drop 43%

BYD, China’s largest electric vehicle (EV) manufacturer, experiences a significant 43% decline in first-quarter 2024 sales compared to the previous quarter, relinquishing the title of world’s biggest EV seller to Tesla.

BYD reports a decline in EV sales, with 300,114 units sold in the first quarter of 2024, down from a record high of 526,409 units in the previous quarter. However, sales show a 13.4% increase compared to the same period last year.

Tesla Regains Title as World’s Biggest EV Seller:

Despite its own sales decline, Tesla reclaims the title of the world’s biggest EV seller based on first-quarter deliveries, with 386,810 units sold.

Tesla’s sales decline is attributed to softer overall demand and increased competition in the Chinese market, particularly from local rivals like BYD.

Challenges in the Chinese EV Market:

Both BYD and Tesla anticipate a slowdown in Chinese EV sales growth, reflecting challenges in the market, including increased competition and a price war for buyers.

Tesla’s ability to regain its sales crown underscores its global influence in the EV market and resilience amidst market challenges.

BYD’s Overall Vehicle Sales Performance:

While experiencing a decline in EV sales, BYD’s overall vehicle sales in the first quarter increase by 13.4% compared to the same period last year.

BYD records its second-highest monthly sales tally in March, with 302,459 vehicles sold, representing a 46% increase from the previous year.

Sales Performance of Electric and Plug-in Hybrid Models:

Sales of purely electric models and plug-in hybrids demonstrate significant year-on-year increases in March, indicating a growing demand for eco-friendly vehicles.

BYD responds to the price war initiated by Tesla by reducing prices on its latest vehicle models. The company sets ambitious sales targets for 2024, aiming for a 20% increase from its record-breaking sales in the previous year.