BYD achieves 21% rise in Q2 EV sales, narrowing gap with Tesla

By Editor


China’s BYD has reported a 21 percent increase in electric vehicle (EV) sales for the second quarter, closing in on Tesla after relinquishing the title of the world’s top EV vendor to the U.S. automaker in the first quarter.

The number of EVs sold by BYD between April and June has reached 426,039 EVs, according to Reuters’ calculations based on its monthly sales reports. This figure is approximately 12,000 vehicles shy of Tesla’s estimated deliveries for the same period.

Tesla is anticipated to report a 6 percent decline in electric vehicle deliveries for the second quarter, marking the first instance of consecutive quarterly drops as the company faces intense competition in China and sluggish demand due to a lack of affordable new models.

If Tesla’s actual results fall short of estimates, the US-based company may again lose its leading position to BYD, with Barclays forecasting an 11 percent drop in second-quarter deliveries — Tesla’s largest ever.

Tesla in January warned that delivery growth in 2024 would be lower as the boost from extended price cuts diminishes. Since March, Tesla has reduced production of its best-selling Model Y by double-digit percentages at its Shanghai plant to address decreasing demand for its older models in China, its second-largest market after the U.S.

In contrast, BYD has maintained steady growth in EV sales. Other Chinese EV manufacturers, such as Nio also reported significant growth, with Nio’s vehicle deliveries more than doubling to 57,300 units in the second quarter.

Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), says EV price reductions and a growing consumer shift from gasoline-powered vehicles to EVs and hybrids have driven strong sales for Chinese EV makers in recent months.

BYD in 2023 announced the goal of accounting for 40 percent of India’s EV market by 2030. All the EV models available in India cost more than INR 3 million (USD 37 000), including the Seal, launched in 2024 for INR 4.1 million (USD 50 000).

IEA report says almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million.

In 2023, just under 60 percent of new electric car registrations were in China, just under 25 percent in Europe, and 10 percent in the United States – corresponding to nearly 95 percent of global electric car sales combined.

Baburajan Kizhakedath

Latest News