Digital Transformation Slows Down the Global Economy
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
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Shubhendra Anand
Head Research
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