World Finds it Difficult to Meet Energy Demands by 2050
EV Sales to Determine BYD and Tesla’s Global Footprints
By Shubhendra Anand , 27 September, 2024
Tesla and Build Your Dreams (BYD) are well-known global electric vehicle manufacturers. The competition between the two companies in terms of profits and sales hits differently. Chinese BYD tends to challenge Tesla in its electric vehicle production and its sales in 2024. However, Tesla surpasses BYD's electric vehicle sales in the first quarter of 2024.
According to surveys, Tesla and BYD are the two largest electric vehicle companies globally. The surveys show that Tesla's market share is 19.9 percent in 2023. It is followed by BYD's market share of 17.1 percent in 2023. The companies continue with the same market shares in 204 as well. Experts claim that electric vehicles from these companies are gaining momentum in 2024 despite a drop in sales of electric cars. Globally, there is no other company in the market to match in competition with BYD and Tesla. However, BYD is a Chinese electric vehicle company.
Additionally, BYD's global sales of electric vehicles surpassed that of Tesla's in the last quarter of the economic year 2023. In 2023, BYD sold 526,000 cars in the year's fourth quarter. However, Tesla regains power in the first quarter of 2024 with 387,000 electric vehicle sales surpassing BYD. In both cases, the two most prominent manufacturers of electric vehicles overcame each other. However, with the changing dynamics of electric vehicle sales in 2024, it is difficult to predict the rest of the quarters' sales for EVs.
Experts claim that the drop in sales of electric vehicles in 2024 cites the imposition of taxes on Chinese-made EVs as the main reason. Therefore, BYD may suffer certain economic crashes in the electric vehicle sales in 2024 as it is a Chinese company. Tesla's electric vehicles face the same issue. However, the impact for Tesla may be less as it expands its battery storage business, whereas BYD deals with only electric vehicles.
Tesla surpasses BYD in electric vehicles sales in the first quarter of 2024
Latest News
World Finds it Difficult to Meet Energy Demands by 2050
The world's population growth will experience a significant increase by the beginning of 2024. The exponential growth of the population demands more resources. A survey in 2024 indicates that increasing demands for resources can severely impact the…
Unstable Wind Direction Interrupts Power Generation in the US
Wind power production is an essential factor in the clean energy transition. A survey in the wind energy sector shows a notable decline in the United States wind power generation in 2024. The energy sector relies more on natural gas to provide…
Globally More than Half of Carbon Emissions from Top 10 Percent of Carbon Emitters
Climate change is a concerning issue that can impact the day-to-day lifestyle globally. Carbon emissions are a significant threat responsible for climate change issues. Carbon footprints drive the emissions rate and lead to adverse climatic…
Cleantech Sector in the United States shows Sluggish Growth
The clean energy transition will take a new face in the United States in 2024. Cleantech firms are struggling to progress currently. United States cleantech firms suffer from various reasons, such as bankruptcy, lack of funds to support the green…
Brine Produces Lithium with Solar Power can Enhance Sustainability
In a remarkable and pioneering feat, researchers created a solar apparatus that can harvest and capture lithium from brine, a type of saltwater rich in lithium. This new technology could change how lithium is produced and mined, providing a more…
Shubhendra Anand
Head Research
