As per a recent report from Counterpoint Research, the Chinese electric vehicle manufacturer BYD is anticipated to outpace Tesla in terms of battery electric vehicle (BEV) sales in the year 2024. This shift highlights the ever-evolving landscape of the global electric vehicle market, showcasing the rapid growth of BYD.
The IAA Mobility 2023 international motor show in Munich, Germany featured the BYD Seal U electric car.
Image credit: Leonhard Simon | Getty Images News | Getty Images
Counterpoint’s analysis revealed that BYD experienced a substantial 21% increase in second-quarter battery EV sales, reaching 426,039 units, while Tesla’s deliveries dipped by 4.8% to 443,956 vehicles during the same period.
In 2023, BYD’s cumulative production, which includes pure battery electric vehicles and hybrids, exceeded 3 million units, surpassing Tesla’s output of 1.84 million vehicles for the second consecutive year. Despite this, Tesla maintained the lead in BEV production with 1.6 million battery-only passenger cars and 1.4 million hybrids manufactured by BYD.
Although BYD temporarily conceded the top EV vendor position to the American automaker in the first quarter, Counterpoint emphasized China’s dominance in the BEV market, with BYD spearheading the charge. The Chinese market is forecasted to witness BEV sales four times greater than North America’s in 2024.
Counterpoint’s projections indicate that China will retain over 50% of the global BEV sales market until 2027, and Chinese BEV sales are anticipated to surpass the combined sales of North America and Europe by 2030. However, the presentation of additional tariffs by the European Union on Chinese EV firms reflects efforts to address concerns about competitiveness.
Counterpoint’s Associate Director, Liz Lee, highlighted that the EU’s imposition of tariffs aims to address the competitive disparities faced by European EV manufacturers when competing with lower-priced Chinese imports. These tariffs could potentially lead Chinese automakers to explore new markets in regions like the Middle East, Africa, Latin America, Southeast Asia, Australia, and New Zealand.
The report anticipates that global BEV sales will reach 10 million in 2024, aligning with the ongoing decline of internal combustion engine vehicles. The growth of the electric vehicle sector is propelled by ongoing initiatives to enhance cost-efficiency and affordability for EVs and their batteries.
– Evelyn Cheng, a correspondent for the publication, contributed to this article.
