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BYD Poised to Surpass Tesla in EV Production

China's BYD is gearing up to dethrone Tesla as the top producer of battery electric vehicles (BEVs) worldwide
July 4, 2024

The global electric vehicle (EV) market is witnessing a significant shift as Chinese automaker BYD is set to surpass Tesla in battery electric vehicle (BEV) sales this year, according to a new report by Counterpoint Research.

BYD's surge in sales highlights the dynamic nature of the EV industry. In the second quarter of this year, BYD's battery EV sales soared nearly 21% year-on-year to 426,039 units. In contrast, Tesla's deliveries dropped by 4.8%, totaling 443,956 vehicles.

Last year, BYD's overall production, including both battery-powered and hybrid vehicles, exceeded 3 million units, outpacing Tesla's 1.84 million cars for the second consecutive year. Although BYD produced 1.6 million battery-only cars and 1.4 million hybrids, Tesla maintained the lead in pure BEV production. Despite this, BYD reclaimed the top EV vendor spot from Tesla in the first quarter of this year.

China continues to dominate the global BEV market, with BYD at the forefront. Counterpoint predicts that China’s BEV sales will be four times greater than those of North America in 2024. The research firm also forecasts that China will hold more than 50% of the global BEV market share until 2027, with Chinese BEV sales surpassing the combined sales of North America and Europe by 2030.

However, the European Union recently announced additional tariffs on Chinese EV manufacturers to address the competitive threat posed to European industries. Starting July 4, unless negotiations with Chinese authorities yield a resolution, BYD will face an additional 17.4% duty, Geely 20%, and SAIC 38.1%, on top of the existing 10% duty on imported EVs.

Counterpoint Research’s associate director, Liz Lee, explained that the new EU tariffs aim to level the playing field for European EV manufacturers struggling against lower-priced Chinese imports. Lee suggested that these tariffs might push Chinese automakers to explore emerging markets in the Middle East, Africa, Latin America, Southeast Asia, Australia, and New Zealand.

As the global BEV market is projected to reach 10 million units in 2024, the industry continues to pivot away from internal combustion engines. This growth will be driven by ongoing efforts to enhance the cost-efficiency and affordability of EVs and their batteries.

BYD’s remarkable progress underscores the shifting landscape of the global EV market, where innovation, competition, and regulatory measures are shaping the future of transportation.

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