Chinese electric car manufacturer BYD is on track to surpass Tesla in battery-electric vehicle (BEV) sales volume this year. It is expected that its market share of BEV will increase significantly. This information is stated in the Counterpoint Research report.
Sales of BYD's battery-electric vehicles in the second quarter of 2024 increased by almost 21% compared to the same period last year — reaching 426,039 units. Meanwhile, Tesla's deliveries in the second quarter fell by 4.8% to 443,956 vehicles.
Last year, BYD's total production volume exceeded 3 million vehicles, including both battery-electric vehicles and hybrids. Tesla's production volume last year was 1.84 million electric vehicles. By the total production volume, BYD has been outpacing Tesla for the second consecutive year.
However, in the overall number of vehicles produced, BYD has 1.6 million units in BEV and another 1.4 million vehicles in hybrids. Thus, last year Tesla was able to maintain its title as the largest electric vehicle manufacturer. However, the situation may change this year.
According to Counterpoint Research, China "remains a dominant force in the BEV market," with BYD leading in this market. According to the analytical company's estimates, BEV sales in China in 2024 will exceed North America's figures four times over. China will continue to account for over 50% of global BEV sales until 2027, and Chinese electric vehicle sales will exceed combined sales in North America and Europe by 2030.
Last month, the European Union announced that it will impose additional tariffs on Chinese electric vehicle manufacturers to overcome the "clear and inevitable threat of damage to the EU industry." BYD will be subjected to an additional tariff of 17.4%, Geely 20%, and SAIC the highest of the three at 38.1%. This is in addition to the standard 10% duty already imposed on imported electric vehicles. In response, China is considering imposing duties on European internal combustion engine vehicles.
Source: cnbc
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