Despite closing in on Tesla in the second quarter, BYD was barely edged out for the world’s largest EV maker title. However, a new research report suggests BYD could steal Tesla’s crown by the end of 2024.
Closing in on Tesla
Although BYD overtook Tesla in EV volume for the first time in Q4 2023, Tesla took the title back in the first quarter of 2024.
Tesla stayed atop BYD as the world’s largest EV maker in the second quarter, with 443,956 vehicles delivered. Despite EV sales climbing 42% from the first quarter, BYD sold 426,039 EVs in Q2, which was not enough to top Tesla.
Despite this, a new Counterpoint research report claims BYD may overtake Tesla again by the end of 2024.
“This shift underscores the dynamic nature of the global EV market,” the report stated. Counterpoint said China “remains the dominant force in the BEV market,” with EV sales expected to be about four times that of North America this year.
China will hold a commanding 50% share of global EV sales until 2027, according to the report. By 2030, China’s EV sales are projected to top Europe and North America combined.
Will BYD top Tesla for the world’s largest EV maker title?
China’s growth would be enough for BYD to top Tesla to become the world’s largest EV maker in 2024.
The news comes after the EU announced plans for new tariffs on Chinese EV imports last month. Although BYD was included, it was placed at the lowest level at 17.4%. Others, like SAIC, will have to pay an extra 38.1% duty.
BYD expects to overcome the additional tariffs as it makes more on some models in Europe than in China.
Although BYD is best known for its low-cost EVs, like the Atto 3 and Dolphin, it’s quickly expanding its lineup to include luxury vehicles, pickups, and supercars.
BYD launched the Sea Lion 07 earlier this year, starting at 189,800 yuan ($26,250), undercutting Tesla’s best-selling Model Y. Its first electric supercar, the Yangwang U9, was also spotted racing around the Nurburgring this week.
As it expands overseas, BYD will open its first plant in Thailand on July 4, 2024. Thailand is a key market aiming for 30% of vehicles made in the country to be electric by 2030. It’s also nearing a deal for a massive factory in Mexico, where its first pickup, the Shark PHEV, was unveiled in May.
What do you guys think? Will BYD overtake Tesla to become the world’s largest EV maker by the end of 2024? Let us know in the comments below.
Source: CNBC