BYD Set To Surpass Tesla In BEV Sales By 2024 As China Leads Global Market Growth: Report

BYD Co., Ltd. BYDDY is reportedly poised to significantly increase its market share in the battery electric vehicle (BEV) sector in 2024, surpassing Tesla, Inc. TSLA in sales. This highlights the evolving dynamics of the global EV market.

According to a Counterpoint Research report, China continues to lead 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.

Texas-based Tesla reported second-quarter deliveries that declined 4.8% to 443,956 vehicles from a year ago, although improving from the first quarter.

Also Read: Tesla Deliveries Fall For Second Straight Quarter, But Stock Takes Off As Q2 Numbers Exceed Expectations

According to a CNBC report, BYD’s total production, including both battery-only powered cars and hybrids, exceeded 3 million vehicles in the previous year, surpassing Tesla’s production of 1.84 million cars for the second consecutive year.

The Counterpoint Research note further writes – China is anticipated to 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 report read.

Europe and the U.S. are expected to emerge as significant growth drivers in this sector starting in 2025.

Recently, the European Union 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. SAIC will bear the highest additional tariff of 38.1% among the three Chinese EV firms mentioned, CNBC added.

“These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia and New Zealand. The outcome of EU-China talks, especially with Germany’s opposition, will shape future EV market dynamics, with Europe and the US driving growth from 2025 onwards,” The Counterpoint Research note added.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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