Chinese electric vehicle manufacturer BYD is on track to overtake Tesla this year in terms of battery electric vehicle (BEV) sales. Its BEV market share is expected to grow sharply. This is stated in a report by Counterpoint Research.
Sales of BYD’s battery electric vehicles in the second quarter of 2024 increased by almost 21% year-on-year to 426,039 units. At the same time, Tesla’s deliveries in the second quarter fell by 4.8% to 443,956 vehicles.
Last year, BYD’s total production exceeded 3 million vehicles. This figure includes both battery electric vehicles and hybrids. Tesla’s production volume last year amounted to 1.84 million electric vehicles. BYD has been ahead of Tesla in terms of total production for the second year in a row.
However, BEVs account for 1.6 million units in the total number of BYD cars produced. Another 1.4 million cars are hybrids. Thus, last year Tesla was able to retain the title of the largest electric vehicle manufacturer. However, the situation may change this year.
According to Counterpoint Research, China «remains the dominant force in the BEV» market, with BYD leading the way. According to the analytical company, in 2024, BEV sales in China will be four times higher than in North America. China will continue to account for more than 50% of global BEV sales by 2027, and Chinese EV sales will exceed the total sales in North America and Europe in 2030.
Last month, the European Union announcedthat will impose additional duties on Chinese electric vehicle manufacturers to overcome the «threat of clearly foreseeable and imminent injury to the EU industry». BYD will be subject to an additional 17.4% duty, Geely — 20%. SAIC will have to pay additional duties of 38.1% — the highest of the three. This is in addition to the standard 10% duty already imposed on imported electric vehicles. In response, China is considering imposing duties on European cars with internal combustion engines.
Source: cnbc
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