BYD is making a strong push overseas as it expands into new markets. With sales surging in China, Southeast Asia, Japan, Brazil, Mexico, and other key markets, will it be enough for BYD to take back the EV sales crown from Tesla? New research suggests it could happen sooner than expected.
After BYD sold more electric cars (fully electric, not PHEV) than Tesla for the first time in Q4 2023, Tesla quickly took back the title earlier this year. BYD sold just over 300,0000 EVs in Q1, while Tesla delivered over 386,000 vehicles in the first three months of 2024. Although BYD’s EV sales rose 42% in Q2, it still wasn’t enough to regain the EV sales crown from Tesla. BYD sold 426,039 EVs between April and June, just below Tesla’s 443,956 vehicle deliveries.
Meanwhile, research from Counterpoint claimed BYD could regain the title by the end of 2024. With China remaining “the dominant force in the BEV market,” the report suggests BYD is poised to top Tesla in EV sales this year. According to the report, China will maintain a commanding 50% share of the global EV market until 2027. By 2030, China is expected to sell more EVs than Europe and North America combined.
Will BYD take back Tesla’s EV sales crown? New Bloomberg Intelligence (BI) research reaffirms that BYD is on track to regain the title by the end of 2024. The report points out that while EV demand continues surging in China, the US and Europe are lagging. In January, BI suggested Tesla would maintain its lead through the end of the decade. However, the market is shifting, and new policies could influence sales in key sales regions.