BYD Overtakes Tesla In UK After Elon Musk-Led EV Maker's New Vehicle Registrations Drop In January

Chinese EV giant BYD Co. BYDDY overtook its American counterpart Tesla Inc. TSLA in new vehicle registrations in January in the UK, according to recent industry data.

What Happened: According to data from the Society of Motor Manufacturers and Traders (SMMT), Tesla had 1,458 registrations in January, down from the 1,581 registered in the corresponding month of 2024.

BYD, in comparison, had 1,614 registrations, up by 551% from last year.

Both BYD and Tesla make only electric vehicles. However, unlike Tesla which makes only battery electric vehicles, BYD also makes plug-in hybrids.

BYD Vs. Tesla: The rivalry between Tesla and BYD is not limited to the UK market.

The Chinese company first took over Tesla as the world’s largest BEV seller in the fourth quarter of 2023. However, Tesla took back the crown in the first quarter of 2024 and held on to it for three consecutive quarters through the end of September. In the fourth quarter, BYD stole back the title.

Tesla reported in January 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.

Vehicle Registrations In The UK: In January, battery electric vehicle registrations in the UK rose 42% to 29,634 units while plug-in hybrid registrations rose 5.5% to 12,598 units. Overall vehicle registrations, across fuel types, however, fell 2.5% to 139,345 units following a drop in registrations of gas and diesel-powered vehicles.

Weak consumer confidence and tough economic conditions contributed to this decline in registrations, SMMT said.

“Despite the increase in the month, BEV market share still remains short of the 22% target set by government for last year, and even further behind the 28% requirement for 2025,” SMMT said about EV sales in the country while calling for increased government encouragement for EVs.

“Affordability remains a major barrier to uptake, hence the need for compelling measures to boost demand, and not just from manufacturers,” Mike Hawes, SMMT Chief Executive, said in a statement.

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Photo courtesy: Tesla and Shutterstock