China’s electric vehicle (EV) giant, BYD, is poised to outpace Tesla in battery EV sales in 2024, highlighting the dynamic nature of the global EV market. This shift is largely driven by China’s dominance in the BEV market, with projections indicating its sales will quadruple those of North America by 2024.
BYD reported a 21% increase in electric vehicle sales for the second quarter, selling 426,039 EVs from April to June. In contrast, Tesla reported second-quarter deliveries that declined 4.8% to 443,956 vehicles from a year ago. Last year, BYD’s total production, including both battery-only powered cars and hybrids, exceeded 3 million vehicles, surpassing Tesla’s production of 1.84 million cars for the second consecutive year.
However, Tesla remained on top in terms of BEV production, and BYD lost the top EV vendor spot to the U.S. EV giant in the first quarter. Despite this, Counterpoint Research predicts that China will maintain over 50% of global BEV sales until 2027 and is forecasted to surpass North America and Europe combined in BEV sales by 2030.
The European Union recently announced plans to impose extra tariffs on Chinese EV companies. BYD faces an additional tariff rate of 17.4%, while Geely will incur an extra 20% duty. These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand. Despite these challenges, the global EV market continues to evolve, with BYD leading the way.
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