Tesla regains top spot in global EV sales over China's BYD

(April 3, 2024) BYD, China's biggest electric vehicle maker, reported first-quarter sales fell 43 percent compared with the fourth quarter of 2023, handing back the title of world's biggest EV seller to Tesla after winning it last year. BYD sold 300,114 EVs in the first quarter of the year, it said in a filing to the Shenzhen Stock Exchange late on Monday, down from a record quarterly high of 526,409 in the previous three-month period, when it surpassed Tesla. BYD's first-quarter sales rose 13 percent from a year ago, according to Automotive News.

But, BYD's quarterly decline in volume means Tesla took back the sales title based on first-quarter deliveries of 386,810, a decline of 20 percent from the prior quarter and 8.5 percent from a year ago.

Tesla's decline comes amid softer overall demand and a slowdown in the Chinese market where local rivals led by BYD upped the ante in a price war for buyers. Tesla sold 89,064 China-made vehicles in March, up 0.2 percent from a year earlier, data from the China Passenger Car Association showed on Tuesday.

However, Tesla taking back the sales crown illustrates its global clout will not be easily challenged, especially as both companies expect a slowdown in Chinese EV sales growth this year. It also demonstrates that BYD's short-lived dominance followed from its domestic price cuts.

Source: Automotive News