BYD the biggest producer of electric vehicles (EVs) in China had a 43% drop in sales in the first quarter of 2024 compared to the last quarter of 2023. This could mean that Tesla, which BYD had overtaken the previous year, will once again take the top spot in the global EV sales rankings
BYD reported selling 300,114 electric vehicles (EVs) in the first quarter of this year in a statement to the Shenzhen Stock Exchange. This is a considerable decrease from the record quarterly high of 526,409 units sold in the three months prior. Sales for the first quarter of this year were still up 13.4% from the same time last year, though.
Due to analysts surveyed by Visible Alpha projecting record sales of 458,500 vehicles for the quarter ending March 31, Tesla may be able to regain the top sales spot as a result of this decline in sales.
BYD Dropped Global Demand
Since dropped global demand and a slowdown in the Chinese market, where local competitors, lead by BYD, stepped up their pricing war for customers, Tesla’s projected sales for the first quarter are down more than 5% from the previous quarter. Given that both firms predict a slowing in the growth of electric vehicle sales in China this year, the possibility for Tesla to reclaim the sales crown highlights the company’s lasting worldwide significance. It also emphasises how BYD’s domestic pricing cuts contributed to its brief reign of supremacy.
According to the stock exchange report, BYD’s total car sales for the first quarter were 626,263 units, up 13.4% from the same period last year but down 33.7% from the record quarterly high of 944,779 units in the fourth quarter. 302,459 vehicles were sold in March, according to BYD, a 46% increase over the same month the previous year and its second-highest monthly sales total. In December, the firm reached a record-breaking monthly high of 341,043 units.
Purely electric model sales increased by 36.3% year over year to 139,902 units in March, while plug-in hybrid sales increased by 56.4% to 161,729 units. Later on Tuesday, the China Passenger Car Association is expected to disclose the number of Tesla vehicles delivered in China in March. Since February, BYD has lowered the cost of the newest models in its lineup by 5%–20% in response to the pricing battle that Tesla started early this year.
BYD announced last week that it will sell 3.6 million devices in 2024, up 20% from its record-breaking sales the year before.
