Chinese EV giant BYD Co Ltd BYDDY BYDDF overtook Tesla Inc TSLA yet again as the world’s biggest battery electric vehicle (BEV) seller in the fourth quarter of 2024.
What Happened: Tesla reported on Thursday that it delivered 495,570 BEVs in the three months through the end of December, significantly lower than the 595,413 BEVs sold by BYD in the period.
Though BYD managed to trump Tesla in the fourth quarter, the American EV giant delivered 1,789,226 BEVs through 2024, retaining its position as the bestselling pure EV brand for the year. BYD, meanwhile, managed to deliver only 1,764,992 BEVs in the twelve months, or 24,234 units less than Tesla.
Why It Matters: BYD first took over Tesla as the world’s largest BEV seller in the last quarter of 2023. Tesla took back the title in the first quarter of 2024 and retained it for three consecutive quarters.
2024 marks the first year that Tesla’s annual deliveries have fallen (1.1%) as compared to the previous year. In 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company had to deliver at least 514,926 vehicles in the three months through the end of December. However, the company could not even breach the 500,000 target.
BYD’s 2024 BEV sales, meanwhile, marked a growth of 12% year-on-year, according to a previous report.
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